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Daily Trading Forecast
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USD Stable Despite "Nay" to Bailout Plan
Tue, Sep 30 2008, 10:17 GMT
by Swiss e Trade Strategy Team
With big losses in world stock exchanges and a record high of 3.5% of LIBOR over U.S. T-Bills after the House rejected the financial rescue bill, the USD’s stability held up surprisingly well, showing low volatility. Plunging oil & commodity prices acted as a stabilizer, as well as the expectation that the BoE and ECB will eventually lower their interest rates.
For today’s trading, we expect the sideways trend of late Asian and early European hours to continue, as described in the pair discussions below. There are no data releases known as market-movers scheduled for today, but always stay on top of breaking news from the financial and political front since the credit squeeze is still far from calming down.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The EUR / USD is currently trading at 1.4375 in a narrow trading range between 1.4405 and 1.4360 established in Asian and early European trading. We see that range widening today, when we are joined by the U.S. trading hours, to 1.4450 to the upside and 1.4320 to the downside.
GBP / USD
Cable is trading in a broader range than other pairs and is currently at 1.8044. We expect a see-saw market for today, limited on the downside at 1.7960. Upmoves will probably test the 1.8150 level.
USD / CHF
The dollar is currently trading at 1.0990 against the Swiss franc, gaining strength in early European trading. We expect the upmove to be limited for today at 1.1050, before the building of a sideways trading range between that upper limit and the downside support at 1.0940.
USD / JPY
Having tested a support low at 103.60, the dollar gained strength against the yen in Asian and early European trading hours and is currently priced at 105.05. The resistance level at 105.80 could be tested in today’s remaining trading hours, while a setback to support at 104.70 is likely first.
Published on Tue, Sep 30 2008, 10:22 GMT
Archive
- 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 - Euro Attacks on Resistance vs. Dollar More Reluctant Now
Published On Tue, Nov 17 2009, 10:51 GMT
Swiss e Trade AG
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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.Related reports
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