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Daily Trading Forecast
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Uncooperative Currency Markets
Tue, May 13 2008, 10:31 GMT
by Swiss e Trade Strategy Team
We have been baffled by currency movements over the last two days as the dollar fell against the Euro and Swiss franc but gained against Sterling and remained virtually unchanged against the Japanese yen.
We expect the U.S. dollar to resume its upward trend in today's trading but, due to the chaotic movements recently, will refrain from any forecast until a clear picture develops. See below for detailed analyses of the major currency pairs.
Intraday Market Outlook for Day Traders
EUR / USD
EUR / USD movements have come as a surprise to us and the rest of the market as we had forecast a lower EUR / USD. Despite this fact, we feel the EUR / USD, currently trading at 1.5484, will end lower in today’s trading. The first support we see at 1.5425 and, after this, next support is seen at 1.5364. EUR / USD movements have, as we stated, surprised us, but we urge traders to trade from the short side for today at prices over 1.5500; however, we have no specific forecast.
GBP / USD
The GBP / USD spiked to the current day’s high at 1.9586, after higher than expected CPI figures were reported this morning. Currently, the GBP / USD is trading at 1.9465, not far from the important support at 1.9410. We don’t see support being broken today despite Sterling’s weakness and advise traders to wait until a clearer picture develops. The overall opinion in the market is that Sterling will drop against the other major currencies but, as we said, we do not expect any major moves today and have no forecast.
USD / CHF
Over the last two trading sessions, Monday and last Friday, the USD / CHF attempted to break below support at 1.0410 but its attempts were unsuccessful. Currently, the pair is trading back at higher levels, at 1.0480. We see the currency pair likely to test resistance at 1.0510 in today’s or tomorrow’s trading session but, due to irregular movements with the dollar in the last two trading days, we have no forecast.
USD / JPY
The USD / JPY is currently trading at 103.70, which is near the middle of its recent trading range between support at 102.60 and resistance at 105.70. Technically, studies show the USD / JPY is overbought at this time so some further consolidation is necessary. In general, we expect prices to trade upwards but have no specific forecast for today.
Published on Tue, May 13 2008, 10:32 GMT
Archive
- Dollar Poised for an Upmove Today
Published On Fri, Nov 6 2009, 10:32 GMT - Forex: Not Much Direction, But Still Fairly Tradeable
Published On Thu, Nov 5 2009, 11:01 GMT - British Pound the Weakest Among the Majors
Published On Wed, Nov 4 2009, 11:11 GMT - USD: Sideways Movement With a Slight Bid Tone
Published On Tue, Nov 3 2009, 11:11 GMT - Watch the Pendulum
Published On Mon, Nov 2 2009, 11:18 GMT
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Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.
Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.