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Daily Trading Forecast
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Special Risk Still Prevails
Fri, Aug 29 2008, 10:34 GMT
by Swiss e Trade Strategy Team
We need an all-clear for Hurricane Gustav’s threat to U.S. oil installations in the Gulf to wave away this special risk for dollar bulls. With the Forex markets mainly concentrated on the oil price now, any other - fundamentally or technically obtained - intraday projection could be destroyed in minutes by jumpy prices for the fossil stuff.
Although we prefer to buy the dollar on downward corrections, we would wait for that all-clear. However, excluding that special risk, we outline our projections for today’s trading in the major pairs below. Note today’s 14:30 CET data release of U.S. Personal Income (expectations somewhat lower) and Personal Spending (expectations only slightly higher) for July.
Intraday Market Outlook for Day Traders
EUR / USD
The EUR / USD, currently trading at 1.4733 in another upmove, may well test the 1.4780 level today before trading down again to the support level at 1.4680, which we expect to hold.
GBP / USD
After new lows, cable recovered in late Asian and early European trading and is now at 1.8306. 1.8350, the next resistance level, could be reached first before support at 1.8250, the low so far, is tested again.
USD / CHF
Currently trading at 1.0964 against the Swiss franc, the dollar improved slightly in this European morning. But today’s support at 1.0940 can be tested again before a real attack on the resistance line at 1.1010 opens up.
USD / JPY
The USD / JPY just attempted to test an important support zone at 108.40 and is on a recovery move now, currently trading at 108.90. We see this continuing in today’s trading but coming to a halt at or near resistance at 109.35.
Published on Fri, Aug 29 2008, 10:35 GMT
Archive
- USD Still Waltzes to the Same Tune
Published On Tue, Nov 24 2009, 10:58 GMT - Misinterpreting the Fed's Remarks
Published On Mon, Nov 23 2009, 11:25 GMT - USD Still Caught in Narrow Ranges
Published On Fri, Nov 20 2009, 11:19 GMT - EUR: A Confirmation Signal for the Uptrend
Published On Thu, Nov 19 2009, 10:38 GMT - No Longer the Right Words: "Risk Appetite"
Published On Wed, Nov 18 2009, 11:23 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.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.