Search
Daily Trading Forecast
0
0
How to Tame a Bull
Mon, Aug 18 2008, 09:42 GMT
by Swiss e Trade Strategy Team
The weekend’s closing bell finished with a less positive tone for the first time in 9 days, when dollar bears ran for cover amidst heavy stop-loss-buying fire. The downward bias in the dollar continued in Asian and early European trading, the first sign of an overdue correction move of the bull market.
This could last for some time to come now, considering the long-term overbought state of the Greenback, as expressed in its hastily achieved gain of roughly 10% against many world currencies. For today, we see accordingly changed trading ranges for the major pairs, with the details as discussed below.
Intraday Market Outlook for Day Traders
EUR / USD
Currently at 1.4737, the euro has recovered, timidly so far, but is trading now at a support zone. We see this support holding and further upmoves in low volatility, which will be limited at or near 1.4800.
GBP / USD
The GBP / USD continued its recovery in early European trading and is currently at 1.8657. In a further upmove today, we see the 1.8750 level being tested but not broken.
USD / CHF
After falling further in Asian trading, the dollar has gained a little in early European hours and is now trading at 1.0951 against the Swiss franc, near resistance. We expect this resistance to hold and see the levels 1.0920 and 1.0900 on the downside being tested today.
USD / JPY
The dollar started the week with a consolidation in very low volatility and is currently trading at the 110.20 support level against the yen. We see a very narrow range for this pair today, between 110.00 and current levels.
Published on Mon, Aug 18 2008, 13:50 GMT
Archive
- USD About to Meet Resistance Levels Again
Published On Tue, Dec 2 2008, 10:55 GMT - Increasing Pressure on ECB to Lower Rates Soon
Published On Mon, Dec 1 2008, 11:21 GMT - USD Ranging in Thanksgiving Mood
Published On Fri, Nov 28 2008, 11:05 GMT - Major Pairs' Countertrend Moves Stifled Again
Published On Thu, Nov 27 2008, 11:20 GMT - More Power, Igor
Published On Wed, Nov 26 2008, 11:38 GMT
Swiss e Trade AG
| Genferstrasse 21, CH-8002 Zurich
http://www.swissetrade.com/ | info@swissetrade.com
Legal disclaimer and risk disclosure
Swiss e Trade AG shall not be responsible for any loss arising from any investment based on any recommendation, forecast or other information herein contained. The contents of this publication should not be construed as an express or implied promise, guarantee or implication by Swiss e Trade that clients will profit from the strategies herein or that losses in connection therewith can or will be limited. Trades in accordance with the recommendations in an analysis, especially leveraged investments such as foreign exchange trading and investment in derivatives, can be very speculative and may result in losses as well as profits, in particular if the conditions mentioned in the analysis do not occur as anticipated.Interested in forex trading? forex brokerage firms!
FXstreet.com will give you a 3 months membership as soon as minimum rebates have been generated (€150 for private trader/ €300 for corporate trader)
[Read Premium full description]
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
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.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.
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.
©2008 "FXstreet.com. The Forex Market" All Rights Reserved.