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Daily Trading Forecast
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Dollar Sticks to its Strength
Mon, Aug 25 2008, 11:16 GMT
by Swiss e Trade Strategy Team
After aborting the start to an overdue downward correction, the U.S. currency started the week in Asian trading again on a stronger note, especially versus the British pound. This was reversed in the early European hours with more selling in the dollar, while the market seemingly wants to fill the weekend’s opening gap on the downside.
We see the market continuing this stance for today’s trading, but do not expect much of a downside correction move, as explained in the major pairs’ details below. There are no important fundamental data releases scheduled for today.
Intraday Market Outlook for Day Traders
EUR / USD
The pair, currently trading at 1.4740, wiped out almost the whole upward correction and fell back in Asian trading to its trading range followed for over a week now. Currently it is trading near its support levels at 1.4700 and 1.4650 again. In early European trading, the EUR / USD showed some recovery moves, which we see continuing today to its resistance level at 1.4800.
GBP / USD
The weakest major currency against the USD, the GBP, currently at 1.8475, has even broken the support zone of 1.8550. This is now a strong resistance on any upward move and limits today’s possible recovery attempts to 1.8550.
USD / CHF
For the sixth time, the USD / CHF rode to attack on the 1.1000/1.1050 resistance zone, but again failed in today’s early European trading. Currently the USD is trading at 1.0990 against the Swiss franc. We expect a further downward move to 1.0950, before another attempt to break the 1.1000/1.1050 resistance could set in.
USD / JPY
The USD / JPY continued to defend its higher levels in early European trading. The pair is currently trading at 109.97 in very low volatility. We don’t expect this picture to change meaningfully in today’s trading, projecting a narrow range of 109.80 and 110.10.
Published on Mon, Aug 25 2008, 11:22 GMT
Archive
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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
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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.
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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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