At the Close. Not that bad despite all the noise.....

17:55CET

The USD is again confirming the old saying (mine, I believe) that Tuesday is 'a USD-selling day', but despite market efforts for a bigger push, the monopoly-currency is somewhat holding on its half-feet (or what's left of it), as AUD/USD remains below parity despite the aggressive attempts to bring the unit above the level throughout the day. The USD has lost some real ground vs the Euro, but it has gained big time at one point vs GBP, which means that we may be in a cross-driven market, not a direct-USD pairs market, which is something to very much take into account for it is not the same an overall USD decline vs a USD decline because of JPY or GBP crosses fall.

Technically speaking, the suggested long in USD/CHF remains valid, and today's fast decline is very much suspicious to me, especially ahead of the US election results and tomorrow's FOMC. I am inclined to believe that if we move past 0.98 up again, we might see parity before the week is over, and maybe today is a BEAR TRAP DAY. That would definitely be confirmed with a move below 1,348 in Gold, as the unit would be back below a key magnet line found @ 1,3535, and that in turn would keep the hopes of a H&S (complex) pattern still very much alive, and we might see some big drop there as well.

Before leaving, here's how FX losers position themselves in Oanda at this hour. I'm Tony Juste, and I look forward to your company again tomorrow. www.ctainvestor.com, www.twitter.com/ctainvestor and www.investors-europe.com is where you'll find my research.

Nov 2, 2010 17:40 GMT+0100
READING %LONG/%SHORT

   1. AUD/USD
      39.39% 60.61%
   2. EUR/CHF
      58.70% 41.30%
   3. EUR/GBP
      41.54% 58.46%
   4. EUR/JPY
      56.04% 43.96%
   5. EUR/USD
      38.17% 61.83%
   6. GBP/JPY
      65.67% 34.33%
   7. GBP/USD
      37.07% 62.93%
   8. USD/CAD
      63.98% 36.02%
   9. USD/CHF
      74.33% 25.67%
  10. USD/JPY
      82.95% 17.05%

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