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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
- Euro, Pound: Pause for Breath
Published On Tue, Feb 9 2010, 11:00 GMT - JPY, USD: Safe Haven Bidding Continues
Published On Mon, Feb 8 2010, 11:08 GMT - EUR / USD: Euro's Value Now Under Scrutiny by Portugal, Spain
Published On Fri, Feb 5 2010, 10:56 GMT - Dollar Still Flexing Muscles
Published On Thu, Feb 4 2010, 11:11 GMT - AUD, CAD, NZD: Listening to Fine Tunes
Published On Wed, Feb 3 2010, 11:06 GMT
Swiss e Trade AG
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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
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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.
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