A kind of wait-and-see stance in Forex developed yesterday, ahead of today’s start of the G20 meeting in London. The main question, of course, is how the dollar will react after conclusion of the summit. Remarks from the French president, who said he will walk out if there is no new world regulation of financial markets as per his proposal, are certainly not helpful. Therefore, we will not focus too much on the summit to assess the dollar’s future path and put more weight on the known economic facts, as delivered by the current data: An increasingly dark picture of Europe, and a slowing economic contraction in the U.S., already pointing to a trough. That would weaken the USD because of future inflation danger, once the economy has found firmer footing.
In today’s trading for the major pairs, we do not see not a change of the see-saw mood. Nevertheless, there is the chance to trade both sides of the ranges again, since there is still enough volatility. See our projected trading ranges in detail below. Important for today is the U.S. ISM index for March, at 16:00 CET - expected is another slight improvement.
Intraday Market Outlook for Day Traders
EUR / USD
The pair lost further ground in early European trading, right now priced at 1.3200, in oversold condition and near support at 1.3150. We expect that level to hold in today’s trading and see upmoves setting in to prices around 1.3300.
GBP / USD
Cable is in an upmove right now and currently trading at 1.4390. We see more of the uptrend today, to levels around 1.4480, where a more substantial down correction is expected, to current prices.
USD / CHF
The dollar recovered against the Swiss franc in European morning trading and is currently at 1.1430, from lows around 1.1360. We expect the bid tone to remain for a while today, until 1.1490 is reached, and then a sideways movement between 1.1490 and 1.1380.
USD / JPY
The USD is trading within a sideways market and currently on the upmove towards resistance at 99.20 and priced right now at 98.90. We expect the 99.20 level to hold in today’s trading, leaving the sideways market intact, and a later test of the lower end of it at 98.50.
In today’s trading for the major pairs, we do not see not a change of the see-saw mood. Nevertheless, there is the chance to trade both sides of the ranges again, since there is still enough volatility. See our projected trading ranges in detail below. Important for today is the U.S. ISM index for March, at 16:00 CET - expected is another slight improvement.
Intraday Market Outlook for Day Traders
EUR / USD
The pair lost further ground in early European trading, right now priced at 1.3200, in oversold condition and near support at 1.3150. We expect that level to hold in today’s trading and see upmoves setting in to prices around 1.3300.
GBP / USD
Cable is in an upmove right now and currently trading at 1.4390. We see more of the uptrend today, to levels around 1.4480, where a more substantial down correction is expected, to current prices.
USD / CHF
The dollar recovered against the Swiss franc in European morning trading and is currently at 1.1430, from lows around 1.1360. We expect the bid tone to remain for a while today, until 1.1490 is reached, and then a sideways movement between 1.1490 and 1.1380.
USD / JPY
The USD is trading within a sideways market and currently on the upmove towards resistance at 99.20 and priced right now at 98.90. We expect the 99.20 level to hold in today’s trading, leaving the sideways market intact, and a later test of the lower end of it at 98.50.
