Daily Trading Forecast

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An Unexpected Whiff of Optimism During Election Day
Wed, Nov 5 2008, 10:28 GMT
by Swiss e Trade Strategy Team
Swiss e Trade AG
Why exactly during the day-long voting process on U.S. Election Day economic optimism should return as it did at this time yesterday remains a mystery. While the U.S. people had just begun voting, the U.S. bond market and Wall Street moved substantially up, oil jumped, and accordingly the dollar took a beating. We have never had the same vivid activity on Election Day, when markets usually remain on the sidelines. Above that, the election polls were already speaking clearly in the days before, when the markets seemed to go to sleep, quite in contrast to that volatility. Anyway, the oil and commodity prices and the Greenback long deserved a meaningful correction of their exaggerated (oversold / overbought) market positions.
Although the dollar has more down-correction room to fill, it is oversold again more quickly than expected in our intraday perspective. We therefore project countermoves in today’s trading as described in the major pairs’ details below.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD Having reached a high of 1.3045 in Asian trading, the pair retreated to the current 1.2840 in early European hours, just testing a support line. We expect this support line to be broken in today’s further trading and next support at 1.2750 to be tested, which we see holding. Expect upmoves from that level.
GBP / USD After being overbought at the high of 1.6106 yesterday, cable corrected downwards to presently 1.5815. This down tendency most probably will find support at 1.5760, where we see renewed up motion towards the 1.6000 level.
USD / CHF The dollar most probably will start another attack on the 1.1750 resistance level in today’s trading. Currently trading at 1.1670 against the Swiss franc, a testing of support at 1.1630 before that upmove is likely.
USD / JPY
The dollar is just trading along a solid support zone and is currently priced at 98.30. We see that support holding more or less in today’s trading, giving room to another upmove towards resistance at 99.50.
Published on
Wed, Nov 5 2008, 10:29 GMT
Archive
- Dollar Poised for an Upmove Today
Published On Fri, Nov 6 2009, 10:32 GMT
- Forex: Not Much Direction, But Still Fairly Tradeable
Published On Thu, Nov 5 2009, 11:01 GMT
- British Pound the Weakest Among the Majors
Published On Wed, Nov 4 2009, 11:11 GMT
- USD: Sideways Movement With a Slight Bid Tone
Published On Tue, Nov 3 2009, 11:11 GMT
- Watch the Pendulum
Published On Mon, Nov 2 2009, 11:18 GMT
[ View All ]
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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.
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