Thursday November 8, 2007 - 15:33:30 GMT
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GVI Monthly Forex Survey Analysis Courtesy Cumino
EUR USD 3 months: 1st day close 1.4469(1.4155), av. responses 1.4563(1.4148), Adjusted boundaries 1.43-1.48(1.40-1.45).Â
GVI 60%(42%) COMPONENTS: 42%39%19%(32%52%16%). DRY INDEX: 77%(44%).
Bullish in absolute and relative terms. Dry very high. Neutrals diminished, bulls increased 23%.
Previous October Survey comment: â€śFrom the Survey point of view EUR retracement is rather near the end than not. If so 1.45 is favoured.â€ť proved right. Now, from the Survey point of view a robust retracement is favoured.
USD JPY 3 months: 1st day close 114.36(115.85), av. responses 113.94(115.24), Adjusted boundaries 110-115(112-117).Â
GVI: 64%(56%) COMPONENTS: 57%36%7%(10%69%21%). DRY INDEX: 72%(65%).
USD bullish in absolute and relative terms. Dry high. From the Survey point of view USD JPY has further room lower.
OIL 3 months: 1st day close 94.54(80.30), av. responses 94.06(77.88), Adjusted boundaries 90-100(75-85).
GVI:46%(39%)COMPONENTS:20%68%12%(27%68%5%).DRY INDEX:45%(23%).Neutral in absolute terms, bullish in relative term. My October â€śNow Survey is a bit less bearish at least in relative terms. Anyway if it is a picture of reality it continues to suggest high prices without meaningful retracements.â€ť was right. Now signals are more confused, anyway odds are for higher prices at least in the brief term.
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