It doesn’t come as a surprise that the Forex market is already in the holiday-range-trading-mode. The dollar is still defending its lower support zones against the Swiss franc, the euro and the pound. Market and trader expectations still speak for a lower Greenback, but we doubt that. If there has been no decisive move so far in this year, why should it come during the vacation season, when the market volume is usually low? And why should that weakness come when the USD is in an extremely oversold situation against the majors? Add to that the otherwise welcome optimism in the stock markets, which are heavily overbought and most probably too optimistic, and you come to the conclusion that the Greenback really deserves a recovery wihtin its old sideways bands.
Accordingly, we put our today’s trading bands higher for the USD against the majors, as described below, in even lower volatility. So far, this European morning saw nothing other than a continued sideways market, with the dollar still hovering above support. There are no market-moving fundamental data scheduled for today, so we are still following market and technical aspects.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The pair still tried to nick the 1.4300 resistance level, but so far failed, falling back again in early European trading to 1.4220. We expect this sideways trend to continue today, with a slight selling tone emerging later, between the 1.4270 and 1.3900 levels, with no real decisive move today.
GBP / USD
Cable added stimulus this Europen morning, trading now at 1.6520, just below the main resistance zone of 1.6600. We see that resistance line holding in today’s trading and expect downmoves towards the 1.6390 levels.
USD / CHF
The dollar continues to hover near its 1.0650 support line against the Swiss franc, right now trading around 1.0680 in low volatilty. We see a sideways market for today, between the down levels right now and 1.0730 on the upside.
USD / JPY
After showing unusual strength against the yen in late Asian trading, the dollar seems to be keeping this mood in European morning trading. However, trading right now at 94.40 from lows around 93.10, we expect down movements to the 93.50 levels.
Accordingly, we put our today’s trading bands higher for the USD against the majors, as described below, in even lower volatility. So far, this European morning saw nothing other than a continued sideways market, with the dollar still hovering above support. There are no market-moving fundamental data scheduled for today, so we are still following market and technical aspects.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The pair still tried to nick the 1.4300 resistance level, but so far failed, falling back again in early European trading to 1.4220. We expect this sideways trend to continue today, with a slight selling tone emerging later, between the 1.4270 and 1.3900 levels, with no real decisive move today.
GBP / USD
Cable added stimulus this Europen morning, trading now at 1.6520, just below the main resistance zone of 1.6600. We see that resistance line holding in today’s trading and expect downmoves towards the 1.6390 levels.
USD / CHF
The dollar continues to hover near its 1.0650 support line against the Swiss franc, right now trading around 1.0680 in low volatilty. We see a sideways market for today, between the down levels right now and 1.0730 on the upside.
USD / JPY
After showing unusual strength against the yen in late Asian trading, the dollar seems to be keeping this mood in European morning trading. However, trading right now at 94.40 from lows around 93.10, we expect down movements to the 93.50 levels.
