For a day like yesterday, with no market-moving fundamental data, the market participants wonder what might have ignited the dollar’s renewed strength. The old inverse relationship with the equity markets might be cited. But fact has it that the currency was mid-term oversold again, and still is, and that the old sideways trend is still intact, especially visible in the EUR/USD pair. The upper limit lies around 1.3600 to 1.3700, and the floor represents the old lows around 1.3165. Now this pair is on the downmove again, in an attempt to most probably test the 1.3165 support level within the next days.
We are still far from that, but expect for today’s trading the bid tone for the USD to remain intact within the trading ranges for the major pairs listed below. There is no scheduled market-moving fundamental data for today.
Intraday Market Outlook for Day Traders
EUR / USD
The pair is on the losing track right now in early European hours and is currently trading at 1.3295 near an intermediate support at 1.3250, which we expect to hold for a while in today’s trading, but eventually being broken on the downside. Right now there are recovery moves in sight, but not exceeding the 1.3330 level.
GBP / USD
Cable lost further ground in European morning trading and is currently at 1.4660, which represents a support level. Right now there is not much further downside risk, with recovery moves most probably setting in soon, but later we see the 1.4650 support level being broken, leading to prices around 1.4560.
USD / CHF
The dollar gained further strength against the Swiss franc in European morning trading and is currently priced at 1.1430. The upward momentum is intact right now, but we see some downward corrections in the making, to levels around 1.1390, from where renewed up movements can be expected.
USD / JPY
The dollar once again traded conversively against the yen, compared with other pairs, in Asian and early European trading and is now on lower levels at 100.30. We expect some upmoves to set in today, not exceeding the 101.00 resistance.
We are still far from that, but expect for today’s trading the bid tone for the USD to remain intact within the trading ranges for the major pairs listed below. There is no scheduled market-moving fundamental data for today.
Intraday Market Outlook for Day Traders
EUR / USD
The pair is on the losing track right now in early European hours and is currently trading at 1.3295 near an intermediate support at 1.3250, which we expect to hold for a while in today’s trading, but eventually being broken on the downside. Right now there are recovery moves in sight, but not exceeding the 1.3330 level.
GBP / USD
Cable lost further ground in European morning trading and is currently at 1.4660, which represents a support level. Right now there is not much further downside risk, with recovery moves most probably setting in soon, but later we see the 1.4650 support level being broken, leading to prices around 1.4560.
USD / CHF
The dollar gained further strength against the Swiss franc in European morning trading and is currently priced at 1.1430. The upward momentum is intact right now, but we see some downward corrections in the making, to levels around 1.1390, from where renewed up movements can be expected.
USD / JPY
The dollar once again traded conversively against the yen, compared with other pairs, in Asian and early European trading and is now on lower levels at 100.30. We expect some upmoves to set in today, not exceeding the 101.00 resistance.
