Daily Trading Forecast
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EUR, GBP Weakest
Fri, Oct 10 2008, 10:11 GMT
by Swiss e Trade Strategy Team
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.
Published on Fri, Oct 10 2008, 10:47 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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