We need an all-clear for Hurricane Gustav’s threat to U.S. oil installations in the Gulf to wave away this special risk for dollar bulls. With the Forex markets mainly concentrated on the oil price now, any other - fundamentally or technically obtained - intraday projection could be destroyed in minutes by jumpy prices for the fossil stuff.
Although we prefer to buy the dollar on downward corrections, we would wait for that all-clear. However, excluding that special risk, we outline our projections for today’s trading in the major pairs below. Note today’s 14:30 CET data release of U.S. Personal Income (expectations somewhat lower) and Personal Spending (expectations only slightly higher) for July.
Intraday Market Outlook for Day Traders
EUR / USD
The EUR / USD, currently trading at 1.4733 in another upmove, may well test the 1.4780 level today before trading down again to the support level at 1.4680, which we expect to hold.
GBP / USD
After new lows, cable recovered in late Asian and early European trading and is now at 1.8306. 1.8350, the next resistance level, could be reached first before support at 1.8250, the low so far, is tested again.
USD / CHF
Currently trading at 1.0964 against the Swiss franc, the dollar improved slightly in this European morning. But today’s support at 1.0940 can be tested again before a real attack on the resistance line at 1.1010 opens up.
USD / JPY
The USD / JPY just attempted to test an important support zone at 108.40 and is on a recovery move now, currently trading at 108.90. We see this continuing in today’s trading but coming to a halt at or near resistance at 109.35.
Although we prefer to buy the dollar on downward corrections, we would wait for that all-clear. However, excluding that special risk, we outline our projections for today’s trading in the major pairs below. Note today’s 14:30 CET data release of U.S. Personal Income (expectations somewhat lower) and Personal Spending (expectations only slightly higher) for July.
Intraday Market Outlook for Day Traders
EUR / USD
The EUR / USD, currently trading at 1.4733 in another upmove, may well test the 1.4780 level today before trading down again to the support level at 1.4680, which we expect to hold.
GBP / USD
After new lows, cable recovered in late Asian and early European trading and is now at 1.8306. 1.8350, the next resistance level, could be reached first before support at 1.8250, the low so far, is tested again.
USD / CHF
Currently trading at 1.0964 against the Swiss franc, the dollar improved slightly in this European morning. But today’s support at 1.0940 can be tested again before a real attack on the resistance line at 1.1010 opens up.
USD / JPY
The USD / JPY just attempted to test an important support zone at 108.40 and is on a recovery move now, currently trading at 108.90. We see this continuing in today’s trading but coming to a halt at or near resistance at 109.35.
