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Daily Trading Forecast
10
0
Watch the Pendulum
Mon, Nov 2 2009, 11:18 GMT
by Swiss e Trade Strategy Team
It is widely believed in market circles that the USD will go lower towards year end. We agree, based on both technical and fundamental facts. But the question is not if, but how, the Greenback will lose further ground. As observed during the last months, it is a moderate downtrend, interrupted always by recoveries. So the pendulum swings back and forth, on a down slope. We think that will be the case for the near future, too, measured by technical indicators of an overbought and oversold market situation. Knowing that alone could be quite useful in our daily trading ambitions.
Right now, and for today`s trading, the indicators are showing a neutral stance. We see only a sideways movement emerging today, although a still tradeable one. See the details in below`s major pairs list. Note the U.S. manufacturing index (IMS) for October at 16.00 CET. Expected is an increase in this economic indicator.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
Currently in an upswing and trading at 1.4760 this European morning, the euro will soon be overbought again intraday. We see an upper limit at 1.4810 and the lower of the expected sideways trend at 1.4710.
GBP / USD
The pound looks shaky against the dollar in early European trading and is right now at the 1.6365 mark. We consider prices around this level as a support for today and anticipate recoveries, but not beyond 1.6480.
USD / CHF
The dollar, currently trading at 1.0215 against the Swiss franc, is approaching its support level at 1.0185. We see the Greenback ranging between this level and 1.0260 today.
USD / JPY
The dollar is priced right now at 90.10 against the yen, in a recovery move. We see a pick up soon of this downtrend in today`s trading, most probably after touching the 90.50
resistance level.
Published on Mon, Nov 2 2009, 11:20 GMT
Archive
- USD Still Caught in Narrow Ranges
Published On Fri, Nov 20 2009, 11:19 GMT - EUR: A Confirmation Signal for the Uptrend
Published On Thu, Nov 19 2009, 10:38 GMT - No Longer the Right Words: "Risk Appetite"
Published On Wed, Nov 18 2009, 11:23 GMT - Euro Attacks on Resistance vs. Dollar More Reluctant Now
Published On Tue, Nov 17 2009, 10:51 GMT - USD: Back to Range Trading
Published On Mon, Nov 16 2009, 11:27 GMT
Swiss e Trade AG
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http://www.swissetrade.com/ | info@swissetrade.com
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
Intraday Forex Technical Report - U.S. Update: More dollar corrections by FXstreet.com Independent Analyst Team
Fri, Nov 20 2009, 16:15 GMT
Daily Market Report - There are indications that the market is reducing its exposure to risk by Wells Fargo Investments, LLC
Fri, Nov 20 2009, 15:19 GMT
Fundamental Currencies Comments - Dollar climbs vs. majors by ecPulse.com
Fri, Nov 20 2009, 15:15 GMT
Currency Majors Technical Perspective by FXstreet.com Independent Analyst Team
Fri, Nov 20 2009, 14:22 GMT
The Daily Currency Analysis - TraderPlanet Daily Currency Analysis by TraderPlanet.com, LLC
Fri, Nov 20 2009, 14:10 GMT
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