Although the Greenback started this European morning a little weaker, there is still room for recovery today. Not regarding the fundamental factors now, which admittedly speak for a longer-term weak performance for the USD, the technical aspects are showing a different picture, at least in the short-term view. In the 4-hour charts in many pairs, a constructive constellation can be observed, in slow development, with the USD hovering above major support levels.
Accordingly, and for today’s trading, we expect the slight bullish tone for the USD to remain intact, as described in detail in the major pairs below. Note the market mover for today, the U.S. consumer prices for May, published at 14:30 CET. Expected is a further contraction. An increase would trigger a bearish effect on the dollar.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
Currently in retreating mood, the pair is priced at 1.3860 right now, just above a minor support level. We expect this suport to be broken today, leading to lower levels around 1.3800.
GBP / USD
Cable lost further ground this European morning, currently trading at 1.6250 and hovering over the 1.6200 support level. We see a continued bearish market for today’s trading, eventually breaking the 1.6200 level to lower marks around 1.6150.
USD / CHF
The dollar is on recovery course against the Swiss franc in early European trading, currently priced at 1.0900. Some downward corrections could follow now, but not below the 1.0850 level. From there, we expect more of the upward momentum to develop today, exceeding the 1.0900 mark.
USD / JPY
With no clear direction in the Asian trading hours, the dollar remains in low volatility this European morning, currently trading at 96.34 near the old lows. For today’s trading, we only see a trading band between 96.20 and 96.60.
Accordingly, and for today’s trading, we expect the slight bullish tone for the USD to remain intact, as described in detail in the major pairs below. Note the market mover for today, the U.S. consumer prices for May, published at 14:30 CET. Expected is a further contraction. An increase would trigger a bearish effect on the dollar.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
Currently in retreating mood, the pair is priced at 1.3860 right now, just above a minor support level. We expect this suport to be broken today, leading to lower levels around 1.3800.
GBP / USD
Cable lost further ground this European morning, currently trading at 1.6250 and hovering over the 1.6200 support level. We see a continued bearish market for today’s trading, eventually breaking the 1.6200 level to lower marks around 1.6150.
USD / CHF
The dollar is on recovery course against the Swiss franc in early European trading, currently priced at 1.0900. Some downward corrections could follow now, but not below the 1.0850 level. From there, we expect more of the upward momentum to develop today, exceeding the 1.0900 mark.
USD / JPY
With no clear direction in the Asian trading hours, the dollar remains in low volatility this European morning, currently trading at 96.34 near the old lows. For today’s trading, we only see a trading band between 96.20 and 96.60.
