• Home ::
• Technical ::
• Forex Strategy ::
• Daily Trading Forecast

• Send
• Print
• Add To
• Rss

Daily Trading Forecast

Dollar Poised for an Upmove Today

Fri, Nov 6 2009, 10:32 GMT
by Swiss e Trade Strategy Team

Swiss e Trade AG

Technically speaking, there is nothing better than a consolidation phase - after a greater rise or downmove, a pause with a sideways movement in lower volatility. If it's really longer term than just a few days, an up- or downtrend, then these movements will be picked up soon again. If it's a sideways trend, that movement will be revived again. The USD has been in a sideways trend against the majors for quite a while and is testing now support levels in a consolidation move. We think these supports will hold, and push the USD higher towards the resistance within the sideways trends range again, as has occurred so often recently.

Accordingly, we would look today for favorable buying points for the Greenback. See below's list of the major pairs for details. Note the U.S. unemployment figures for October at 14:30 CET. Expected is a slight improvement.

by George Clement

Intraday Market Outlook for Day Traders

EUR / USD
The euro is trying hard to break the 1.4900 resistance level, currently trading slightly below at 1.4895 this European morning. We see that resistance not being broken in today's trading, and rather anticipate a downmove to come, to levels around 1.4800.

GBP / USD
In a further, but slowing down, upmove the pound is trading currently at 1.6595 against the dollar, obviously unable to break the 1.6600 resistance zone significantly. We expect setbacks from this level, down to the 1.6520 mark for today's trading.

USD / CHF
The dollar, on a slight downmove in low volatility this European morning, is priced right now at 1.0150 against the Swiss franc, obviously trying the support level around 1.0100. We see that support holding in today's trading. Upmoves from present levels are more likely, to the 1.0185 area.

USD / JPY
In a slight downmove this European morning, the dollar is currently trading at 90.55 against the yen in low volatility. We see that trend continuing in today's trading, down towards the 90.00 mark again.

Published on  Fri, Nov 6 2009, 10:33 GMT