Anything other than a see-saw market is not in the cards in the Forex market these days. Yesterday the market expected some unchanged status in the U.S. durable goods orders index, but it improved by 1.8% in May. Again that put a lid on the dollar, nourishing the expectation of a reviving economy. The market’s reaction was very mild, not surprisingly, considering the fact that both sides of the Atlantic are facing the same fate: punishment for the extraordinary monetary and fiscal expansion.
In today’s market, we expect a pure sideways movement, tradable between the bands described in the major pairs’ list below. We do not see much change in that picture for today, despite the usual market-moving publication of the U.S. GDP 1stQ final revision, due at 14.30 CET. Expected is an improvement in the U.S. GDP.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The pair is on a recovery course this European morning, currently trading at 1.3956. Soon bumping into today`s resistance levels around 1.3990, we expect downward corrections from there, resulting later in a see-saw market between the 1.3990 and 1.3900 levels.
GBP / USD
Cable lost considerable ground in the early European morning, from highs around 1.6450 to 1.6310 right now. We do not consider this market move as directional, and see recovery moves soon, emerging later into a sideways market between 1.6450 and 1.6300.
USD / CHF
The dollar’s sharp recovery against the Swiss franc yesterday came to a halt in this European morning market, consolidating its higher levels right now at 1.0940. We see a sideways market developing today, first another upmove to the 1.0990 mark, then down again to the day’s support at 1.0880.
USD / JPY
On a steep rise in all of Asian trading, the dollar currently is trading at 96.30 against the yen in the early European hours and about to test the longer-term resistance level around the 96.50 mark. We expect this resistance to hold in today’s trading and expect downmoves to the 95.80 level.
In today’s market, we expect a pure sideways movement, tradable between the bands described in the major pairs’ list below. We do not see much change in that picture for today, despite the usual market-moving publication of the U.S. GDP 1stQ final revision, due at 14.30 CET. Expected is an improvement in the U.S. GDP.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The pair is on a recovery course this European morning, currently trading at 1.3956. Soon bumping into today`s resistance levels around 1.3990, we expect downward corrections from there, resulting later in a see-saw market between the 1.3990 and 1.3900 levels.
GBP / USD
Cable lost considerable ground in the early European morning, from highs around 1.6450 to 1.6310 right now. We do not consider this market move as directional, and see recovery moves soon, emerging later into a sideways market between 1.6450 and 1.6300.
USD / CHF
The dollar’s sharp recovery against the Swiss franc yesterday came to a halt in this European morning market, consolidating its higher levels right now at 1.0940. We see a sideways market developing today, first another upmove to the 1.0990 mark, then down again to the day’s support at 1.0880.
USD / JPY
On a steep rise in all of Asian trading, the dollar currently is trading at 96.30 against the yen in the early European hours and about to test the longer-term resistance level around the 96.50 mark. We expect this resistance to hold in today’s trading and expect downmoves to the 95.80 level.
