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Daily Trading Forecast
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Dollar Stabilizes with Less Volatility
Wed, Sep 24 2008, 10:18 GMT
by Swiss e Trade Strategy Team
After the financial turbulence, the USD traded throughout the Asian and early European session in a sideways movement against the majors, stabilizing after its down correction. There was no reaction to the all-important IFO business climate index for Germany this morning, showing further decline. It is possible that the market awaits today’s U.S. developments, especially the testifying of Messrs. Paulson and Bernanke before the House (20:30 CET).
For today’s trading, we expect a continuing sideways market with some increased volatility in the U.S. morning and afternoon hours, when U.S. existing house sales for August are released (16:00 CET). The USD still is marked by a downward correction tone, as we describe in the discussion of the major pairs below.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The EUR / USD is currently working on a support buildup between 1.4650 and 1.4700 and is currently trading at 1.4658. We expect this to continue for some time in today’s trading, before an upmove to the 1.4740 level later in the day might set in.
GBP / USD
The GBP / USD showed a bid tone this European morning trying to break resistance at 1.8610 and is currently trading slightly below that level. We expect that resistance to fall during the day, opening more upside potential to the 1.8700 level.
USD / CHF
The dollar constantly gained ground against the low-yielding Swiss franc (as against the low-yielding yen) in early European trading and is now at 1.0880 from yesterday’s low at 1.0700. To confirm this countermove compared to other major pairs, the USD has to break the 1.0900 resistance level first and then 1.0940, which we expect to hold in today’s trading. A downmove would be limited at 1.0780.
USD / JPY
The dollar traded higher against the low-yielding yen in late Asian and early European trading and is now at 106.25, today’s high so far. We see the resistance level at 106.50 tested today, but not broken, then downward trading to prices around 105.50.of this publication
Published on Wed, Sep 24 2008, 10:20 GMT
Archive
- Euro, Pound: Pause for Breath
Published On Tue, Feb 9 2010, 11:00 GMT - JPY, USD: Safe Haven Bidding Continues
Published On Mon, Feb 8 2010, 11:08 GMT - EUR / USD: Euro's Value Now Under Scrutiny by Portugal, Spain
Published On Fri, Feb 5 2010, 10:56 GMT - Dollar Still Flexing Muscles
Published On Thu, Feb 4 2010, 11:11 GMT - AUD, CAD, NZD: Listening to Fine Tunes
Published On Wed, Feb 3 2010, 11:06 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.
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