The turkey leftovers will most probably dampen the volatility again today ahead of the weekend - reduced market action just led to a sideways trend in the majors yesterday and in European morning trading. At least there is little chance that we have to reckon today with more horrible news from our friends in the banking industry, with the Fed having this week mounted another mammoth program to save both them and Main Street from more harm. Indeed, markets more suspect further skeletons in the financial closet to be next discovered in Europe, not in the U.S. Anyway, the big picture, with the dollar so far successfully defending its bullish lines with a long consolidation period, still stands.
On the shorter-term front, we expect the narrow range-trading to continue in today’s trading, as explained below for the major pairs. There are no special data releases scheduled for today.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
A touch of weakness hit the pair in early European hours, as it failed again to break the upper resistance level of its trading range at 1.2950. Currently trading at 1.2860, we expect some recovery moves to set in today, since 1.2850 represents the lower end of the trading range we project – with the upper end limited at 1.2950.
GBP / USD
Caught in a narrrow trading range just near support lines now in early European trading, cable is currently priced at 1.5390. We don’t see much of a directional move in today’s trading and expect the range to be limited with the upside at 1.5450 and the downside at 1.5350.
USD / CHF
Currently in an upmove in European morning trading, the dollar against the Swiss franc seems on its way to attack the 1.2070 resistance line and is currently trading at 1.2035. We doubt that the resistance line will be taken today and rather expect some downmoves from around that level, exploiting the downside potential to 1.1980 again.
USD / JPY
In a more and more tight range, the dollar is trading currently at 95.25 in early European trading. Now near the support at 95.00, upmoves are in the cards, testing the upper side of the range at 95.60.
On the shorter-term front, we expect the narrow range-trading to continue in today’s trading, as explained below for the major pairs. There are no special data releases scheduled for today.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
A touch of weakness hit the pair in early European hours, as it failed again to break the upper resistance level of its trading range at 1.2950. Currently trading at 1.2860, we expect some recovery moves to set in today, since 1.2850 represents the lower end of the trading range we project – with the upper end limited at 1.2950.
GBP / USD
Caught in a narrrow trading range just near support lines now in early European trading, cable is currently priced at 1.5390. We don’t see much of a directional move in today’s trading and expect the range to be limited with the upside at 1.5450 and the downside at 1.5350.
USD / CHF
Currently in an upmove in European morning trading, the dollar against the Swiss franc seems on its way to attack the 1.2070 resistance line and is currently trading at 1.2035. We doubt that the resistance line will be taken today and rather expect some downmoves from around that level, exploiting the downside potential to 1.1980 again.
USD / JPY
In a more and more tight range, the dollar is trading currently at 95.25 in early European trading. Now near the support at 95.00, upmoves are in the cards, testing the upper side of the range at 95.60.
