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- New York 18:50
- London 23:50
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- Sydney 10:50
Daily Trading Forecast
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Profit−Taking Seen in Today's Trading
Fri, May 23 2008, 10:10 GMT
by Swiss e Trade Strategy Team
The U.S. dollar's week-long decline may end today as traders take profits in their short-dollar positions. Already in early European trading, the dollar is gaining against the majors from yesterday's closing prices.
We expect this correction to continue today and maybe even increase later in U.S. trading due to the three-day weekend Memorial Day holiday.
Intraday Market Outlook for Day Traders
EUR / USD
The EUR / USD is currently trading at 1.5727, after having declined from its 1-month high yesterday at 1.5814. We feel that much of this decline is due to profit-taking before the weekend and we expect a minor resistance level at 1.5742 to hold in today’s trading. On the downside, prices could reach support at 1.5630 in today’s trading. We’re waiting for a clearer picture to develop before establishing a position.
GBP / USD
Like the EUR / USD, the GBP / USD has retraced some of its upward movement, which peaked yesterday at 1.9850, and is currently trading at 1.9700. From our review of analysts’ recommendations, the vast majority are predicting lower cable in today’s trading and see prices reaching for support at around 1.9700. Due to the conflicting technical picture, though, we will refrain from making a forecast for today’s trading.
USD / CHF
Prices in the USD / CHF, currently at 1.0285, are right below minor support at 1.0300. Despite prices having broken through support, we see prices trading sideways today in the USD / CHF.
USD / JPY
The USD / JPY is currently trading at 103.65 and, whereas the dollar has fallen against the other major currencies, against the yen the dollar was able to gain in value. This conflict is due mainly to the Bank of Japan’s independent economic policy. Prices may rise above 104.00 in today’s trading but we see rather quiet movements and low volatility, so we have no firm outlook.
Published on Fri, May 23 2008, 10:11 GMT
Archive
- Euro, Pound: Pause for Breath
Published On Tue, Feb 9 2010, 11:00 GMT - JPY, USD: Safe Haven Bidding Continues
Published On Mon, Feb 8 2010, 11:08 GMT - EUR / USD: Euro's Value Now Under Scrutiny by Portugal, Spain
Published On Fri, Feb 5 2010, 10:56 GMT - Dollar Still Flexing Muscles
Published On Thu, Feb 4 2010, 11:11 GMT - AUD, CAD, NZD: Listening to Fine Tunes
Published On Wed, Feb 3 2010, 11:06 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.
©2010 "FXstreet.com. The Forex Market" All Rights Reserved.