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Daily Trading Forecast
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Greenback`s Weak Recovery Stumbles
Tue, Jul 22 2008, 11:09 GMT
by Swiss e Trade Strategy Team
New weakness in the USD in late asian and early european trading might put an end to the feeble recovery of the Greenback already. Still, we are in summer trading days with their rather dull activity. The markets therefore are relying on technical considerations and commodity market themes like the oil price, as well as stock market developments, especially the US financial sector.
For today we expect the range trading on lower/higher levels to continue, with the precise bandwidths as described below. There are no market moving data releases scheduled for today.
Intraday Market Outlook for Day Traders
EUR/USD
Overnight the pair enjoyed a small rally through the 1.5900 resistance and is trading now at 1.5922. Markets are currently following the commodity & equity markets for guidance, and the EUR/USD will probably test 1.5950 today. If this level holds, then the Euro could trade down to the 1.5830 support and a break of this level opens the way back to historic highs at 1.6038.
GBP/USD
Cable currently trades at 2.0056 after climbing above the important 2.0000 level overnight. We see resistance at 2.0075 - the old 2.0000 resistance points now becomes support.
USD/CHF
The Dollar broke below the important support level at 1.0200 against the Swiss Franc. Currently trading at 1.0161, we expect the next support at 1.0140 to be tested today. On the upside, we see resistance at 1.0240.
EUR/JPY
$/Yen is trading at 106.35 right above it`s first support at 106.25. Resistance is seen at 107.15 which we expect to be the range for today`s trading.
Published on Tue, Jul 22 2008, 11:14 GMT
Archive
- Greenback Steady, Some Correction Moves
Published On Mon, Oct 6 2008, 10:39 GMT - USD Sideways - Testing Long-Term Resistance
Published On Fri, Oct 3 2008, 10:02 GMT - ECB Expected to Cut Euro Rates
Published On Thu, Oct 2 2008, 10:33 GMT - Euro Weakest as Dollar Moves Up
Published On Wed, Oct 1 2008, 10:01 GMT - USD Stable Despite "Nay" to Bailout Plan
Published On Tue, Sep 30 2008, 10:17 GMT
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