FXstreet.com

Daily Trading Forecast

0

0

EUR, GBP Weakest

Fri, Oct 10 2008, 10:11 GMT
by Swiss e Trade Strategy Team

Swiss e Trade AG


With the global stockmarkets in a kind of a "Crash in Installments" the euro and the British pound have been pummeled most of yesterday and in late Asian trading against their dollar, yen and Swiss franc pairs. The European morning hours saw some recovery in these two weaklings so far. With its renewed downmove, the euro has only broadened its trading range though, which is still sidewards against the dollar, so the conclusion for a consolidation/correction phase of the Greenback`s recent two week upmove is still valid.

Ahead of an important weekend with a G-7/8 or 12 meeting with this time an electrifying main theme, we advise entering Forex markets only with extreme shortly timed in and out trades or completely staying away today. Note the 14:30 CET release of the U.S. trade balance for August, where an improvement is expected. 

by George Clement

Intraday Market Outlook for Day Traders

EUR / USD

The pair expanded its sideways trading range overnight, with the lower end now slightly above 1.3520, and recovered in early European trading, currently at 1.3610. We see further upmoves to near the upper end at around 1.3750.

GBP / USD
Cable resumed its characteristic weakness in Asian trading when it touched a low at 1.6803. Recovering in early European trading, it is now priced at 1.6930, a move will eventually go beyond this level, up to 1.7060.

USD / CHF
The dollar quickly tested the 1.1180 support level against the Swiss franc in late Asian hours, currently recovering in early European trading to now 1.1205. We see the recovery move continuing, but being limited at 1.1235, and the support level 1.1180 eventually broken on the downside to next support at 1.1145.

USD / JPY
The dollar found support at 98.00 against the yen in Asian trading and recovered in early European hours to currently 99.25. We see some further recovery but not beyond the 99.60 level in today’s trading and, in later hours, the 98.00 level tested again.


Archive

Swiss e Trade AG  | Alfred-Escher-Strasse 26 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

Fundamental Currencies Comments - The yen and dollar strengthened by ecPulse.com
Tue, Nov 24 2009, 16:03 GMT

Forex Technical Report - Stock Markets Flat to Higher Ahead of U.S. GDP Report by ForexHound.com
Tue, Nov 24 2009, 14:51 GMT

Forex Technical Report - Forex Traders Await U.S. GDP Report by ForexHound.com
Tue, Nov 24 2009, 14:50 GMT

Daily Market Report - Indications that the Euro's rally could be running out of some steam by Wells Fargo Investments, LLC
Tue, Nov 24 2009, 14:47 GMT

Interest Rate Monitor - Bonds fail to make headway on latest banking crisis by Interactive Brokers LLC
Tue, Nov 24 2009, 14:36 GMT

eurusd, gbpusd, usdchf, usdjpy

View All

Related content


Interested in forex trading? forex brokerage firms!


FX Solutions LLC
Contact the broker/FDM
Open a demo account
MG Financial Group
Contact the broker/FDM
Open a demo account
Deutsche Bank
Contact the broker/FDM
Open a demo account
CitiFX Pro
Contact the broker/FDM
Open a demo account
Saxo Bank A/S
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

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.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.