We have a weekly double bottom pattern @ 118.08 in this cross. A close today @ 4 P.M. EST over 119.67 puts in an outside reversal day to the upside. This means the Suisse should weaken relative to the Euro. In our piece sent out Friday, we want to be aware of the spill over ramifications into the Precious Metals Complex.

I.E. Newmont Mining put in an outside reversal day to the downside on Friday, along with the Gold & Silver on the weekly charts. We see 52.73 as a retest of that reversal close. Now we have to see if it honors the chart pattern, or was it a false signal. Minimally we need to see a close over 52.73 to consider this a false pattern. In short if it does not close and maintain over 52.73 there is no reason to be long at this time.