Daily Trading Forecast
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USD Sideways − Testing Long−Term Resistance
Fri, Oct 3 2008, 10:02 GMT
by Swiss e Trade Strategy Team
The new highs the Greenback reached yesterday in the majors are at long-term resistance levels now. We expect these levels to hold in the days to come, giving the USD time to digest its new surge. The major pairs showed some of the correction moves in early European trading already, reflecting the overbought condition of the U.S. currency.
We expect the sideways market to continue today, with trading ranges offering enough room for further downward corrections for the USD, as described in detail below. Note the U.S. Non-Farm Payrolls and the unemployment rate, both for September, to be released at 14:30 CET.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
Having reached a low of 1.3747 yesterday, the pair started to recover in Asian trading and continued that move in this European morning, now trading at 1.3865. We expect that trend to continue in today’s trading, up to around prices of 1.3940. Downward moves will find support at 1.3810.
GBP / USD
Currently trading at 1.7705, cable continued yesterday’s recovery in today’s Asian and early European trading. We see the upside for today limited at 1.7780 and the downside at 1.7640.
USD / CHF
The dollar is in a downward correction against the Swiss franc, currently trading at 1.1305, and soon testing the support level at 1.1290. We see this level being broken in today’s trading and the testing of the next support at 1.1250, which we expect to hold. Upside moves are limited at the 1.1350 resistance.
USD / JPY
The downward correction of the dollar against the yen is in its third day now, with a current price of 105.30. We see a further sloping trading range for today, between 105.45 on the upside and 104.70 on the downside.
Published on Fri, Oct 3 2008, 10:03 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
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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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