True, short-term the Greenback is looking now more for consolidation and upward correction, but the long-term downtrend is not to be overlooked. That would mean that once this consolidation near the 1.000 level is over, the next downward potential would lead us to 0.9400 first, then, following another minor correction, the offers would again bring us to the 0.8500 mark. Now these are only technical aspects, of course, but the fundamental side does not look much better either.

For today`s trading, we are looking for favorable selling entry points for the USD, but suspect the market would rather remain in a sideways movement today, as outlined below in the major pairs' discussion. There are no important fundamental data published today. by Steve Nigg

Intraday Market Outlook for Day Traders

EUR / USD
The pair has still to overwhelm the 1.5050 barrier and is working on it this European morning, currently trading at 1.5035. We doubt that this 1.5050 resistance will be broken today and rather reckon with setbacks down to the 1.4990 area.

GBP / USD
The pound just finished a sort of a "rounded bottom" against the dollar and is currently trading at higher levels this European morning at 1.6340. We see higher prices in today`s trading, with the market heading to the 1.6390 level.

USD / CHF
Slightly weaker this European morning, the USD / CHF is currently trading at 1.0060. We do not see a break on the downside through the important 1.0000 support line, and expect a trading bandwidth between the 1.0050 and 1.0100 levels today.

USD / JPY
After reaching another high around 92.20, the dollar corrected against the yen to a low of 91.57 in late Asian trading and is currently priced at 91.75 this European morning. We doubt that the 92.20 level will be significantly broken today - a sideways market beween this level and the current 91.75 is more likely.