Daily Trading Forecast
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USD Buoyed Again
Fri, Nov 21 2008, 11:31 GMT
by Swiss e Trade Strategy Team
After some minor downward correction yesterday, the dollar traded more strongly versus the major pairs during all of Asian trading, especially against the Swiss franc where a 100 basis points cut in interest rates weakened the CHF against the euro as well. The Greenback was given additional support by oil prices dropping below $50 / barrel.
Short term in overbought condition now, the USD started a downward correction in early European trading, which might well continue in today’s trading although the fundamental expectations and the technical factors still support a stronger dollar. See the details in the outlook below for the major pairs. There are no important scheduled data releases today.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The recovery of the EUR / USD from a low of 1.2424 in Asian trading was enforced this European morning and the pair is currently trading at 1.2620, near a broader resistance zone. We expect trading to move into this zone, eventually meeting the upper limit at 1.2690 for today.
GBP / USD
The previously so unstable cable seems to have found more solid footing – having been in a broad trading range for 7 days and currently in an upswing therein. Trading now at 1.4975, it will soon bump into today’s resistance at 1.5050, where another downswing is expected.
USD / CHF
After another solid upmove yesterday and in Asian trading, the dollar started a downward correction against the Swiss franc and is currently trading at 1.2205. The support zone 1.2150 might be tested today but not broken.
USD / JPY
The dollar was in an upthrust in all of Asian and early European trading and is currently priced at 95.15 against the yen. We see this mood changing
Published on Fri, Nov 21 2008, 11:32 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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