After cleaning up the previous heavily oversold position of the USD in the major pairs, as indicated by several technical aspects, the market most probably will consolidate its levels reached by now. That would mean a USD remaining for the time being on these higher levels, before another move is directional again, while we assume this will be another down move before year end. Yesterdays`s first official estimate of the U.S. third quarter GDP shows an increase above the most optimistic expectations that could nourish inflation sorrows. True, the first estimate is always revised later, but what could happen if it is revised upwards?
For today`s trading, we describe in our major pairs' list below, with details, a more or less sideways trading band. Note today`s possibly market-moving data. 13:30 CET: U.S. personal income and personal spending (September). Expected is a slight decrease in both indicators. 13:30 CET: PCE Core (September). 14:45 CET: Chicago Purchasing Manager (October). 15:00 CET: University of Michigan Confidence (October).
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
Trading in low volatility this European morning, the euro is currently priced at 1.4840 against the dollar. We expect a sideways movement in today`s trading, limited on the upside at 1.4890 and on the downside at 1.4780.
GBP / USD
The pound also has lost its swing mood in early European trading and is currently moving back in a slight down correction, priced right now at 1.6530 against the dollar. Here, too, a sideways market can be expected for today`s trading hours, moving between 1.6590 and 1.6480.
USD / CHF
A sideways trend for the Swiss franc can be anticipated in today`s trading as well. Currently trading at 1.0168 against the Swiss franc, the sideways market most probably will be limited between the 1.0220 and 1.0160 marks.
USD / JPY
On a downmove in all of Asian trading and this European morning, the dollar will probably lose more ground against the yen today. Currently trading at 90.95, we see a downside objective of 90.25.
For today`s trading, we describe in our major pairs' list below, with details, a more or less sideways trading band. Note today`s possibly market-moving data. 13:30 CET: U.S. personal income and personal spending (September). Expected is a slight decrease in both indicators. 13:30 CET: PCE Core (September). 14:45 CET: Chicago Purchasing Manager (October). 15:00 CET: University of Michigan Confidence (October).
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
Trading in low volatility this European morning, the euro is currently priced at 1.4840 against the dollar. We expect a sideways movement in today`s trading, limited on the upside at 1.4890 and on the downside at 1.4780.
GBP / USD
The pound also has lost its swing mood in early European trading and is currently moving back in a slight down correction, priced right now at 1.6530 against the dollar. Here, too, a sideways market can be expected for today`s trading hours, moving between 1.6590 and 1.6480.
USD / CHF
A sideways trend for the Swiss franc can be anticipated in today`s trading as well. Currently trading at 1.0168 against the Swiss franc, the sideways market most probably will be limited between the 1.0220 and 1.0160 marks.
USD / JPY
On a downmove in all of Asian trading and this European morning, the dollar will probably lose more ground against the yen today. Currently trading at 90.95, we see a downside objective of 90.25.
