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Daily Trading Forecast
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USD Still Without Clear Direction
Wed, Jul 2 2008, 10:29 GMT
by Swiss e Trade Strategy Team
Late Asian and early European trading has not brought much change in an undecisive market, only that some stiff resistance / support zones in the majors are beginning to show their presence. This resulted in some correction moves for the USD - below some of these points are outlined, although we do not see significant moves for today.
We simply have to wait for tomorrow, when the ECB`s rate decision and employment figures for the U.S. are due to be released. Note again that a higher EUR interest rate is well discounted in both Forex and bond markets, so a counter move (USD up) could be in the cards. The latter is supported by many indicators showing a clear oversold position for the Greenback.
Intraday Market Outlook for Day Traders
EUR / USD
The EUR / USD is coming off its high at 1.5850 made in early European trading and is currently trading at 1.5796. We feel from this morning’s price action that the EUR / USD will soon test first resistance at 1.5786. If this level is broken, prices could move quickly to second major support at 1.5720. Due to the important reports on the ECB interest rate decision and the U.S. payroll figures coming on Thursday, many traders long the EUR / USD have been seen covering their positions. We look today for continued range trading but with slight dollar-positive bias.
GBP / USD
Over the last 4 trading days, Sterling has been strong against the U.S. dollar. Cable’s inability to break above the 2.000 level and its quick decline through even the 1.9900 level today indicate that long GBP / USD positions are being liquidated before Thursday’s important reports. Currently the GBP / USD is trading at 1.9864 and we expect further declines if support at 1.9850 is broken. No specific forecast.
USD / CHF
The USD / CHF is holding above support at 1.0152, but in lackluster trading. Currently the pair is trading at 1.0204 and shows a light downward downward bias. Despite this bias, we expect support at 1.0150 to hold in today’s trading and, if this level is broken, we see prices reaching 1.0270, which is next resistance, but overall we expect prices to remain within this tight range for today.
USD / JPY
The USD / JPY is currently trading at 106.43 and, with the USD / JPY, continued problems with the Japanese economic situation and deteriorating stock market have lent support to the dollar yesterday and overnight in Asian trading. We expect further but limited gains for the USD / JPY, which we see remaining in the trading range between support at 105.80 and resistance at 107.20.
Published on Wed, Jul 2 2008, 10:31 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.
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