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Alaron Currency Comment
CHICAGO - Oct 1/08 - SNS -- Following is the currency futures comment from Alaron Trading Corp.
Dollar Index (DXZ8):
The DX opened higher at 79.56 and slid to a morning Lo of 79.42, before rising to a morning Hi of 79.92 as pressure from foreign central banks buying DX continues. Prices retraced to 79.49 after a weaker than expected ISM Mfg. index showed the a drop to 43.5 vs 49.9 August. Prices slid to an afternoon Lo of 76.385, before ending the session at 79.53, up 17 tics. The s/t trend remains 'positive' w/ firm momentum indicators. Traders will focus on the 'possible' passing of Rescue Plan 2, which would help relieve the 'uncertainties' surrounding the credit markets. Longs need to tighten 'stops' or buy 'puts' to reduce exposure. A higher open should find Resistance at 79.95 and 80.37, while an open below 79.49 may find Support at 79.07 and 78.62.
Bob Kozak
Alaron Research Team
800.462.4691
bkozak.com
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