Daily Trading Forecast

0

0
ECB Expected to Cut Euro Rates
Thu, Oct 2 2008, 10:33 GMT
by Swiss e Trade Strategy Team
Swiss e Trade AG
The USD continued its bid tone in late Asian and early European trading, especially against the euro, which traded weaker against other currencies, too. Today at 13:45 CET, the ECB will publish their monetary policy, which, by wide expectations, includes an interest rate cut for the Eurozone this time. Some market participants expect even a substantial cut in the euro rates, an anticipation that could be disappointed. We would therefore not enter the market before the official ECB announcement.
With the USD heavily overbought now, we expect a consolidation / correction phase for the dollar in today’s trading to set in, which could well last for a few days before the Greenback can start another upleg.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The pair lost further ground in late Asian and early European trading and is currently priced at 1.3927 after a low of 1.3854. Due to the heavily oversold condition, we see first an upmove in the making, attacking the 1.4020 level, and then a see-saw market between that resistance and support at 1.3860. We would not enter the market before today’s important ECB rate decision at 13:45 CET.
GBP / USD Cable is trading in a narrower range than other pairs, currently at 1.7662, and now entering the long-term support zone between 1.7500 and present levels. Since this pair is oversold now as well, we expect upward corrections in today’s trading, resulting in a trading range between 1.7730 and 1.7620.
USD / CHF
The dollar is currently trading in a clearly overbought condition against the Swiss franc, at 1.1303, after reaching a high so far of 1.1341. We see that point as the resistance against further upmoves today and anticipate downward correction moves as low as the 1.1250 support.
USD / JPY In another countermove compared to other pairs, the dollar headed lower against the yen in Asian and early European trading, currently at 105.33, near its support at 105.10. In an upward correction move, the USD could test the 105.65 level before renewed weakness probes the strong support at 105.25 again.ated.
Published on
Thu, Oct 2 2008, 10:34 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
[ View All ]
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.
Related reports
Weekly Market Commentary - Libor and Official Interest rates are at their narrowest by Mizuho Corporate Bank
Fri, Jul 3 2009, 14:33 GMT
London Gold Market Report by BullionVault.com
Fri, Jul 3 2009, 13:24 GMT
European Market Update - Spain June Services PMI: 41.2 v 39.1 prior by TradeTheNews.com
Fri, Jul 3 2009, 12:32 GMT
Daily Market Report - Risk aversion was the main theme of yesterday's trading session by Wachovia
Fri, Jul 3 2009, 12:25 GMT
FX Thoughts for the Day by Kshitij Consultancy Service
Fri, Jul 3 2009, 12:23 GMT
eurusd, gbpusd, usdchf, usdjpy
View All
Related content
European Markets mixed, EUR rises and GBP lower
FXstreet.com | Fri, Jul 3 2009, 14:38 GMT
Forex: EUR/USD rebounds at 1.3980, back above 1.4000
FXstreet.com | Fri, Jul 3 2009, 11:46 GMT
CURRENCIES: Dollar Edges Higher In Thin Trade Ahead Of Holiday
Dow Jones | Fri, Jul 3 2009, 11:46 GMT
Forex: GBP/USD falls further to test 1.6300
FXstreet.com | Fri, Jul 3 2009, 11:20 GMT
2nd UPDATE: UK Service Sector Grows, End Of Recession Nears
Dow Jones | Fri, Jul 3 2009, 10:15 GMT
eurusd, gbpusd, usdchf, usdjpy
The Advisor Weblog » Gbp/Usd daily charts
Fri, Jul 3 2009, 13:43 GMT
Trading for a living » Triple top in cable at the european window
Fri, Jul 3 2009, 10:49 GMT
FX Market Readings » Wide range swing moves for week end
Fri, Jul 3 2009, 07:03 GMT
The Disciplined Trader » EUR and GBP at important junctures
Fri, Jul 3 2009, 07:00 GMT
The Disciplined Trader » Alternate counts on EUR and GBP
Fri, Jul 3 2009, 01:51 GMT
eurusd, gbpusd, usdchf, usdjpy
View All
Gbpusd - Forex Forum - FXstreet.com
Tue, Apr 28 2009, 14:55 GMT
Technical analysis for EUR/USD, GBP/USD - Page 5 - Forex Forum - FXstreet.com
Fri, Oct 10 2008, 12:07 GMT
Yellowlion's Daily EURUSD - Page 6 - Forex Forum - FXstreet.com
Fri, Oct 10 2008, 12:07 GMT
Elliott charts with Grega H. - Page 2 - Forex Forum - FXstreet.com
Fri, Oct 10 2008, 12:05 GMT
Technical analysis for EUR/USD by AceTrader - Forex Forum - FXstreet.com
Fri, Oct 10 2008, 12:03 GMT
eurusd, gbpusd, usdchf, usdjpy
View All
Outlook for the major currencies this week
Ian Copsey | Tue, Sep 30 2008, 08:00 GMT
FX Instructor Live Trading Room
Mark De La Paz | Tue, Sep 30 2008, 11:00 GMT 
FX Instructor Live Trading Room
Mark De La Paz | Wed, Oct 1 2008, 09:00 GMT
Weekly Webinar: 1st on Forex - The Week Ahead
Jerry Furst | Mon, Oct 6 2008, 16:00 GMT
Outlook for the major currencies this week
Ian Copsey | Tue, Oct 7 2008, 08:00 GMT
eurusd, gbpusd, usdchf, usdjpy
View All