Daily Trading Forecast
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Volatility Shrinks
Thu, Nov 20 2008, 11:00 GMT
by Swiss e Trade Strategy Team
Yesterday’s rather drowsy Forex trading activity is in stark contrast to the stock markets’ extreme volatility, best described as crash in installments. Here, expressions used by Mr. Bernanke like "long recession" are certainly not helpful and should be avoided by the head of a central bank overseeing the world’s reserve currency.
With the current renewed turmoil in financial markets, syphoning liquidity and attention off Forex, we do not see much volatility returning today. In our outlook below, we therefore reduce the expected trading ranges in the major pairs. U.S. Leading Indicators for October are due for release today at 16:00 CET. This indicator could probably shift back into the focus of Forex traders - expected is a further decline.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
A buying mood for the pair emerged in early European trading, which we see continuing for today, eventually testing the 1.2590 resistance level. Currently trading at 1.2515, the downside is now protected by the 1.2480 support level.
GBP / USD
Cable broke the 1.4900 handle support yesterday, leading to lower trading in this European morning. Currently trading at 1.4860 near another, more solid support, we expect higher prices today, leading to the 1.4900 level again.
USD / CHF
The dollar has been consolidating its fresh gains against the Swiss franc in early European trading and is currently priced near the highs at 1.2120. We do not expect the 1.2145 resistance level to be broken today and rather see a test on the downside at 1.2060 support.
USD / JPY
The selling mood of the dollar against the yen, emerging yesterday and continuing in all of Asian trading, came to a short halt in early European trading, with current prices of 95.45. We see the established downtrend remaining for today, eventually testing the 94.50 support level.
Published on Thu, Nov 20 2008, 11:02 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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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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