CURRENCY COMMENT: The following currencies have had extensive rallies and have either met or exceeded the projections for the current wave up: british pound, canadian, eurocurrency and swiss. They all built good bases some time ago and, obviously, broke out of them to produce their current moves. It is only the yen that is still consolidating at a lower level. Strange or not?
They all have an inverse relationship with the dollar. It is the timing of the turns that may vary. Based on last year's action when the dollar bottomed, the eurocurrency and british topped almost to the day. Both the swiss and canadian had topped much earlier. The yen much later. If history repeats itself, possibly the canadian and swiss will top again before this sell-off in the dollar is over. The british and eurocurrency top more in line with the actual bottom in the dollar. (more)
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