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Daily Trading Forecast
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Greenback Continues its Reluctant Recovery
Fri, Jul 18 2008, 10:55 GMT
by Swiss e Trade Strategy Team
Again the USD recovered somewhat in late asian and european trading, confirming its mild up bias after being pummeled heavily at the beginning of the week. This recovery can only be described as feeble, considering that lower oil prices and stock markets on the up move should have supported the Greenback by a larger extent.
With the current absence of the interest rate theme on both sides of the Atlantic and the lower volatility due to summer trading we do not expect the current mood to change much in today`s trading, as described in detail below.
Intraday Market Outlook for Day Traders
EUR/USD
Currently trading at 1.5869 in a quiet market, we see resistance at 1.5893 which should hold prices on the upside in today`s trading. Support remains between 1.5790 and 1.5800 which we feel may be tested today.
GBP/USD
The pair currently trades at 1.9963 after another attempt to break through the 2.0000 level
in early european trading was unsucsessful. We feel that the 2.0000 level will not be broken in today`s trading, but do not see any sizeable down move either.
USD/CHF
The dollar is currently trading right on the 1.0200 level and has remained in a very tight range in late asian and early european trading between 1.0195 and 1.0220. We do not see any tradeable trend and suggest traders stande aside in today`s trading.
USD/JPY
Currently trading at 106.36 the pair has received a boost from the US Equity market, in particular from US financial shares. After reaching a high of 107.10 it has settled back to its current level with reduced volume and volatility. We don`t see much happening here in this currency pair either.
Published on Fri, Jul 18 2008, 11:03 GMT
Archive
- Confidence Restored?
Published On Mon, Oct 13 2008, 10:24 GMT - EUR, GBP Weakest
Published On Fri, Oct 10 2008, 10:11 GMT - The Aftermath of Ferocious Wednesday
Published On Thu, Oct 9 2008, 10:08 GMT - More Downward Correction in USD to Come
Published On Wed, Oct 8 2008, 10:21 GMT - Interest Rate Cuts Seem Plausible
Published On Tue, Oct 7 2008, 10:20 GMT
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