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Daily Trading Forecast
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USD: Sideways Movement With a Slight Bid Tone
Tue, Nov 3 2009, 11:11 GMT
by Swiss e Trade Strategy Team
Despite worried stock markets about the banking industry, CIT financial trouble in the U.S. and UBS disappointment in Switzerland, the dollar gained only slowly yesterday against its major partners. As a matter of fact, the whole chart patterns still point towards a sideways market, with resistance on the upside for the USD now about being met. We see that resistance not being broken for the time being, on the contrary, since there is rather a chance that from there renewed weakness for the USD will set in.
For today`s trading, we expect the slight bid tone of the USD to vanish, but only a further sideways market developing. See the detailed description in the major pairs' list below. The only important market-moving data scheduled for today will be U.S. Factory Orders at 16:00 CET.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
Currently trading at 1.4660, the pair is trying to break the 1.4650 support level. In contrast, we do not see much more downside risk for today, and rather anticipate a rise up to the 1.4770 level.
GBP / USD
The pound is right now at 1.6305 this European morning, having lost considerable ground yesterday and in Asian trading. Even more oversold than the euro, we see the present levels holding in today`s trading, and expect recovery moves up to levels around 1.6400.
USD / CHF
The dollar is trading at 1.0315 against the Swiss franc which is also this European morning`s high so far. The upmove started in late Asian trading but we see setbacks coming in today`s trading, leading to levels around 1.0260.
USD / JPY
In low volatility, the USD lost some ground in late Asian and early European trading against the yen, trading right now around the 90.06 level. We see some weakness developing today but only to levels around 89.80.
Published on Tue, Nov 3 2009, 11:12 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
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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.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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