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Dollar strengthened across the board last week as risk aversion dominated the markets on a serious of bad news from Europe, including poor bond auctions, surging yields and downgrades. DOW, FTSE and DAX all suffered sharp selloff and the developments turned near term outlook bearish and raised the prospect of new 2011 low before the year closes. A few weeks ago, we talked about the remote possibility of head and shoulder bottom formation in the dollar index and the index is now pressing the neckline resistance. Among the major currencies, Aussie was the weakest on deteriorating economy outlook in China. But Euro was taking up the weakest spot towards the end of the week.

Germany’s bond auction was the highlight of the week. The German government managed to sell just of EUR 3.644b of 10 year bunds today, way short of it’s maximum target of EUR 6b. Markets saw as a deep mistrust of Euro, which was even manifested in weak demand for German bunds. Spain Treasury sold EUR 2.978 of three- and six-month bills at sharply higher yields.

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Happy Thanksgiving!

Even though the stock market is closed here in the US, the forex market remains open. As a result, there is still plenty going on right now, especially with the situation in the eurozone.

Indeed, some speculate that the Great Britain pound might be the next European safe haven. While sterling is lower against the dollar and the yen, it has been making strides against the euro and the Swiss franc.

It’s no surprise that the pound is finding strength against the euro; the eurozone situation is so untenable right now. Plus, the efforts by the Swiss in recent years to reduce the reliance on the franc as a safe haven have been showing signs of success. For the most part, that leaves the pound.

With the UK seeing better than expected growth recently, it seems as though the pound might be the next European safe haven — at least for a little while.

While I do often focus – almost solely – on my five-minute Between the Greens set up this time of year there are sessions where there are other time frames with solid set ups. Triage is how I discover these opportunities and it’s all about comparing time frames and their market phases.

The next step is to identify the Directional Bias. This step can be done first but it’s more about understanding if there is a trend on the daily chart and then what direction I will focus on and which time frames are right for certain types of entries.

Finally I make sure I have not neglected the economic calendar and the fundamental environment that I am stepping into. The USD/CHF swing set up is also explained but this series is as much about understanding the mood of the market as it is the set up and trade ultimately which I did end up taking.

EURJPY- While the cross continues to hold above the 104.95 level, its Sept 27’2011 high, risk remains higher towards its Monday high at 107.67 level.A convincing violation of here  will resume its corrective recovery and target further upside towards the 107.99 level, its Sept 09’2011 high and then the 109.95 level, its Sept 06’2011 high. Alternatively, a turn lower will bring further declines towards the 104.95 level, its Sept 27’2011 high. A reversal of roles is likely at this level with a loss of here opening the door for a move further lower towards  the 102.72 level. Further support lies at the 100.75 level, its Oct’2011 low and subsequently the 100.00/99.87 levels, its July’2010 lows. All in all,  though hesitating, EURJPY still maintains its corrective upside risk.

4 Steps to get a mortgage loan modification approved

Read on to know the 4 necessary steps that enables you to convince the mortgage lender for the approval of mortgage modification process.

1. Communicate with your mortgage lender – When you decide to take the necessary step for mortgage modification, you need to spend good amount of time with your lender.

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Dear Valued Customer,

As you may have already seen in the recently issued press release, IBFX Holdings, LLC has been acquired by TradeStation Group, Inc., a recognized leader in online trading and winner of Barrons 2011 Best Online Broker award. TradeStation is part of Monex Group, a leading Japanese online brokerage firm. The strength and stability that they can provide and TradeStations technological leadership will benefit all IBFX customers.

Our domestic forex company, Interbank FX, LLC, is expected to become within the next 30 days, a division of TradeStation Forex, Inc., a wholly owned subsidiary of TradeStation Group, Inc. You will receive a notice soon explaining this process. We believe this new structure benefits the customers of both IBFX and TradeStation.

You will naturally have some questions about how this announcement will affect you. We do not expect there will be any material changes to our products, services, management, spreads, fees, operations, systems or methods of doing business.

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