It may not look that dramatic, considering yesterday’s and today’s early morning trading, but the Greenback is fighting hard around its lows, just showing some small up corrections from time to time. It is a little early for the seasonally weak 4th quarter before it even began. Usually, that is the time for private and official institutions to repatriate funds for the year-end accounting. And the lowest point the USD generally reaches is the end of December. That the whole thing started so early this year, and so definitively, does not bode well for the dollar.
For today’s trading, we therefore put our trading bands for the USD lower in the details for the major pairs below. There are possible market movers scheduled for today – U.S. producer prices for August, at 14:30 CET, U.S. industrial production and capacity utilization for August, at 15:15 CET.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The euro is trying further climbs against the dollar this European morning and is currently trading at 1.4695, after reaching a high of 1.4714. We expect further strength to develop in today’s trading and do not see a much bigger down correction than the present one.
GBP / USD
Although the pound did not break the resistance level of 1.6520, currently trading at 1.6517 against the dollar, it seems likely that it will break it in today’s hours. We expect levels of above 1.6550.
USD / CHF
The dollar is following its euro path against the Swiss franc, but it in much lower volatility. After reaching lows around 1.0320 this European morning, the dollar is in one of those slight upward corrections, which we do not see going much further, perhaps up to 1.0350, where we see another chance to sell the USD.
USD / JPY
In a thin market, the dollar suffered stop-loss selling against the yen this European morning, bringing the market quickly to now 90.15. We expect this downmove to be shortlived, giving way soon to upmoves to levels around 91.50.
For today’s trading, we therefore put our trading bands for the USD lower in the details for the major pairs below. There are possible market movers scheduled for today – U.S. producer prices for August, at 14:30 CET, U.S. industrial production and capacity utilization for August, at 15:15 CET.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The euro is trying further climbs against the dollar this European morning and is currently trading at 1.4695, after reaching a high of 1.4714. We expect further strength to develop in today’s trading and do not see a much bigger down correction than the present one.
GBP / USD
Although the pound did not break the resistance level of 1.6520, currently trading at 1.6517 against the dollar, it seems likely that it will break it in today’s hours. We expect levels of above 1.6550.
USD / CHF
The dollar is following its euro path against the Swiss franc, but it in much lower volatility. After reaching lows around 1.0320 this European morning, the dollar is in one of those slight upward corrections, which we do not see going much further, perhaps up to 1.0350, where we see another chance to sell the USD.
USD / JPY
In a thin market, the dollar suffered stop-loss selling against the yen this European morning, bringing the market quickly to now 90.15. We expect this downmove to be shortlived, giving way soon to upmoves to levels around 91.50.
