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Greenback Steady, Some Correction Moves
Mon, Oct 6 2008, 10:39 GMT
by Swiss e Trade Strategy Team
Renewed turmoil at the beginning of the week, this time in the world equity markets due to genuine sorrows about the global economy, did not hurt the USD’s bullish stance in early European trading. It is just consolidating its levels, with a downward correction move to come in right now.
We expect this correction / consolidation stance to continue in today’s market, with the trading ranges explained below. No data known as market movers will be released today.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The euro is currently trading at 1.3563 near its year’s low. This level represents a long-term support, which we expect to hold in today’s trading. We see upward corrections setting in soon, bringing the market to prices around 1.3650.
GBP / USD
Trading in narrow ranges, cable currently is priced at 1.7585, near its recent lows at 1.7517. We see this level not being tested again in today’s trading and expect further upward moves to the resistance level at 1.7640.
USD / CHF
The dollar moved into overbought territory against the Swiss franc this European morning, trading currently at 1.1436. We expect downward corrections to the 1.1360 support level in today’s trading.
USD / JPY
The dollar lost further ground against the yen in late Asian trading and recovered only slightly this European morning. Currently trading at 103.29, we don’t see much upward correction and expect the recent lows at 102.84 to be tested again.
Published on Mon, Oct 6 2008, 10:41 GMT
Archive
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Published On Thu, Nov 27 2008, 11:20 GMT - More Power, Igor
Published On Wed, Nov 26 2008, 11:38 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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