24 December 2007 - 16:01Daily Commentary 12/24/07

Well the Dollar was mixed today as it gained against the Pound and Yen but fell against the Euro and Loony and Kiwi. The carry trades did gain today as I had suspected they would but I don’t see much upside in USD/JPY or EUR/JPY either at this point. The USD/JPY has completed its pattern on the daily chart and EUR/JPY has hit resistance at 165.  Meanwhile the Canadian Dollar continues it’s ascent against its US counterpart. The Pound is almost to my aforementioned target of $1.9637 which would complete the pattern on the daily chart as well. If I were trading today (which I am not) I would buy Yen against either Euro or Dollar.