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Daily Trading Forecast

EUR / USD Prepares Another 1.3700 Resistance Attack

Fri, Mar 27 2009, 10:52 GMT
by Swiss e Trade Strategy Team

Swiss e Trade AG  |  View company's profile

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So far, the pair has only consolidated its higher levels achieved in mid-March, even yesterday when the final U.S. GDP Q4 figure was better than expected. But the bid tone in it is continually coming back, still reflecting inflation fears in the U.S., once the economy revives, and also the interest rate differential between the USD and EUR. Before the G20 meeting next week (where a unaminous and substantial declaration for worldwide economic support is expected), an outright continuation of the uptrend of the euro is unlikely, although several attacks around the 1.3700 resistance level are to be expected in the days before the summit.

For today’s trading, we expect some further downmove in the USD but not a break of the established trading range as explained in detail below for the major pairs. Note the U.S. personal income and personal spending data for February at 13:30 CET.

Intraday Market Outlook for Day Traders

EUR / USD
The pair is about to test the lower 1.3400 support of its trading range in European trading and is currently at 1.3430. We expect recovery moves to set in today, leading again to the upper end of the trading range, above 1.3500.

GBP / USD
Cable traded weaker in early European trading, currently at 1.4290, and soon testing the 1.4250 support. We expect a trading range for today between that support level and 1.4430.

USD / CHF
The dollar broke the 1.1320 resistance level in European morning trading and is currently at 1.1395 against the Swiss franc. This is near the major resistance for today at 1.1450, which we expect to hold. We see down movements from that level, again towards the 1.1320 area.

USD / JPY
The dollar lost some ground Against the yen in Asian trading and is currently priced at 98.10 in consolidation trading. We expect the 97.50 mark to be the maximum down potential for today, without of recovery setting in.

Published on  Fri, Mar 27 2009, 10:54 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.
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