20100206 - EURPLN, CHFPLN

The EURPLN rebounced from ca.3.95:

The CHFPLN chart looks similarly:

The rallies are impressive; nevertheless, the general situation has not been changed; we are still in primary downtrend. Technically speaking such corrections should be only used to sell our positions.

We might also theorize if the gains were the result of stock markets drop. An interesting problem is to check correlation between currency exchange rates and stock market itself:

As we can see in the chart above, the correlation (50 last session days) between the WIG Index and EURPLN/CHFPLN periodically varies from almost absolute negative correlation (near minus one) to no dependency at all (correlation near zero).
As per my interpretation the currencies are periodically correlated to stock market, however it is not very reliable forecasting tool.