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Daily Trading Forecast
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Testing the Dollar's Resolve
Thu, Sep 4 2008, 10:44 GMT
by Swiss e Trade Strategy Team
The U.S. dollar's two month rally suddenly came into question yesterday with a decline that took the Greenback lower by over 100 pips against the world's major currencies. Factors that contributed to this decline involve profit taking in long-dollar positions due to the BOE and ECB rate decisions today as well as tomorrow's all-important U.S. Non-Farm Payroll report.
We feel the dollar may continue to correct its recent advance today and tomorrow but the real test will come either late Friday after the U.S. Non-Farm Payroll report or when trading resumes on Monday. It is our opinion that currency traders are simply using the interest rate announcements today and tomorrow's U.S. employment report as an excuse to take profits and next week we expect the dollar to return to rally mode.
Intraday Market Outlook for Day Traders
EUR / USD
The EUR / USD rebounded further in early European trading and is currently at 1.4525. We see the upper limit of the upmove at the important 1.4550 level for today. Downward volatility then might set in once the ECB’s monetary policy is published (13:45 CET).
GBP / USD
Cable is undergoing some further upward correction this European morning and, after having tested resistance at 1.7850, is currently trading at 1.7820. We expect the 1.7850 level to hold in today’s trading with the lower end of the trading range at 1.7750.
USD / CHF
After having broken the 1.1100 handle support, the dollar is trading currently at 1.1027 against the Swiss franc, near rock-solid support. We expect the 1.1000 handle to hold in today’s trading and see some recovery moves up to 1.1070 materializing.
USD / JPY
The yen is again following its own path, with the dollar in an upmove against it, and is currently trading at 108.40. We expect the present up momentum to continue slowly in today’s trading, towards the 108.70 level.
Published on Thu, Sep 4 2008, 10:47 GMT
Archive
- Dollar Poised for an Upmove Today
Published On Fri, Nov 6 2009, 10:32 GMT - Forex: Not Much Direction, But Still Fairly Tradeable
Published On Thu, Nov 5 2009, 11:01 GMT - British Pound the Weakest Among the Majors
Published On Wed, Nov 4 2009, 11:11 GMT - USD: Sideways Movement With a Slight Bid Tone
Published On Tue, Nov 3 2009, 11:11 GMT - Watch the Pendulum
Published On Mon, Nov 2 2009, 11:18 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.