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Not So Fast, Greenback
Wed, Sep 3 2008, 10:53 GMT
by Swiss e Trade Strategy Team
Early European trading hours saw the dollar cantering along amidst frenzied talks about the new bull market for the U.S. currency. We, too, prefer to buy the dollar especially against the euro but would wait today for some more secure price levels to do that. See our projections in below’s discussion of the major pairs for today’s trading.
Tomorrow, at publication of the monetary policy of the ECB and BoE, we expect the somewhat forgotten interest rate discussion to return, favoring the U.S. currency above the oil and commodity prices, which could undergo an upward price correction. Today, there are no important fundamental data releases.
Intraday Market Outlook for Day Traders
EUR / USD
The EUR / USD, heading south again in early European trading, entered deep oversold levels already. Currently trading at 1.4400, we see an upward correction to the 1.4430 resistance level where we are sellers in today’s trading, with a target of 1.4330 and a stop at 1.4475.
GBP / USD
Losing substantial ground again, cable, currently trading at 1.7720, might have overdone it on the downside, considering the extreme oversold situation. Note tomorrow’s BoE news about the UK monetary policy, which could bring upside volatility. We would not touch the pound before that.
USD / CHF
The dollar strengthened further against the Swiss franc in late Asian and early European trading, currently correcting downwards to now 1.1146. We see that correction lasting in today’s trading, possibly testing the new handle support at 1.1100 again.
USD / JPY
The current bull market for the dollar still has little effect against the yen, trading even back in the early European morning to currently 108.60. We expect these levels to hold more or less in today’s trading but see little upside potential to resistance at 108.90.
Published on Wed, Sep 3 2008, 10:54 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
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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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