Daily Trading Forecast
0
0
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
- Still No Change in Tight Forex Ranges after ECB's Rate Decision
Published On Fri, Jul 3 2009, 10:01 GMT - Do Not Expect Too Much of Today's ECB Rate Decision
Published On Thu, Jul 2 2009, 09:40 GMT - Forex Remains Sideways
Published On Wed, Jul 1 2009, 10:06 GMT - Major Pairs: Oversold / Overbought Does it for the Moment
Published On Tue, Jun 30 2009, 10:06 GMT - Death of the Dinosaurs
Published On Mon, Jun 29 2009, 10:05 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!
GET CASH BACK FOR YOUR TRADES! Learn more about the Pip Rebate Program
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.
©2009 "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.
©2009 "FXstreet.com. The Forex Market" All Rights Reserved.