Daily Trading Forecast
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USD Down Correction Still Reluctant
Tue, Oct 14 2008, 10:27 GMT
by Swiss e Trade Strategy Team
The Greenback is holding itself back in correcting its long-term overbought situation against the majors, but that phase clearly began last week. With financial markets no longer in a funk and credit markets hopefully working properly soon, the sometimes ridiculous spreads in Forex could normalize as well. With that in mind, one could now concentrate more on economic news, where soon a discussion could evolve on which economy on either side of the pond will revive first from its slump.
We expect a continued downward correction in today’s trading, with more solid support zones showing up as described in the pair outlook below. Today again, there are no market-moving data releases scheduled.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
Even today’s bad German ZEW numbers did not have much influence on the EUR / USD, which is now near a solid support zone at 1.3610, currently trading at 1.3670. We see 1.3610 being tested again in today’s trading, which will open upside potential to 1.3760.
GBP / USD
Cable is continuing its uptrend against the dollar, trading now near the high of 1.7567 in European trading. We expect this trend to continue in today’s trading, eventually testing but not breaking the 1.7655 resistance level.
USD / CHF
The dollar is caught in a trading range against the Swiss franc, between 1.1400 on the upside and 1.1250 at the lower end, now trading at 1.1329. We do not expect the upside to be tested again today, rather that the downside towards the level at 1.1250 will first be tried today and then broken in later trading.
USD / JPY
Trading up to a high of 103.06 against the yen in Asian trading, the dollar receded only slightly to 102.30 so far in early European hours and is currently at 102.22. We see more selling coming into the market today and later the downside support at 101.20 being tested.
Published on Tue, Oct 14 2008, 10:29 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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