And is dancing to the market's number one hit , i.e. "Stuck in a Range." If you take the most traded currency pair, the EUR / USD, as a benchmark, the range is between the 1.5020 and 1.4800 levels. There is a need for a breakout of this trading band to show a clear picture of the dollar's trend other than swings between overbought and oversold market conditions. When a new trend emerges, up or down for the USD, we expect that breakout will happen soon, and we conclude by fundamental and technical analysis that the move will be on the downside for the dollar and the breakout will happen before year-end.
Within this range, the dollar regained some lost territory in late Asian and early European trading. We see that move more or less continuing today on its path towards a higher dollar. See the details below in our major pairs' list. Note the second estimate for the U.S. GNP for the third quarter, released at 14:30 CET. Expected is a lower estimate but still growth by at least 2.8%, down from the first estimate, 3.5%.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The euro is on a downtrend against the dollar that started in Asian trading and continues right now in early European market hours. Now, after some upward corrections, with the market currently trading at 1.4940, we see some more of this down movement for today, leading to lows around 1.4850.
GBP / USD
Cable continues to lose territory in this European morning, currently trading at 1.6510 after yesterday's highs at 1.6640. The levels now reached are an intraday support, we see some pausing now, but further weakness setting in later and a test of the 1.6470 mark.
USD / CHF
The dollar is in an uptrend in early European trading, currently priced at 1.0110 against the Swiss franc. We see this uptrend dominating today's market hours, giving the dollar a chance to recover up to the 1.0170 level.
USD / JPY
In a downtrend in all of Asian trading hours, the dollar lost ground and touched the 88.60 support level in the European morning. Currently priced at 88.70, a consolidation now is setting in, which we see as the basis for recovery moves in low volatility, up to levels around 89.00.
Within this range, the dollar regained some lost territory in late Asian and early European trading. We see that move more or less continuing today on its path towards a higher dollar. See the details below in our major pairs' list. Note the second estimate for the U.S. GNP for the third quarter, released at 14:30 CET. Expected is a lower estimate but still growth by at least 2.8%, down from the first estimate, 3.5%.
by George Clement
Intraday Market Outlook for Day Traders
EUR / USD
The euro is on a downtrend against the dollar that started in Asian trading and continues right now in early European market hours. Now, after some upward corrections, with the market currently trading at 1.4940, we see some more of this down movement for today, leading to lows around 1.4850.
GBP / USD
Cable continues to lose territory in this European morning, currently trading at 1.6510 after yesterday's highs at 1.6640. The levels now reached are an intraday support, we see some pausing now, but further weakness setting in later and a test of the 1.6470 mark.
USD / CHF
The dollar is in an uptrend in early European trading, currently priced at 1.0110 against the Swiss franc. We see this uptrend dominating today's market hours, giving the dollar a chance to recover up to the 1.0170 level.
USD / JPY
In a downtrend in all of Asian trading hours, the dollar lost ground and touched the 88.60 support level in the European morning. Currently priced at 88.70, a consolidation now is setting in, which we see as the basis for recovery moves in low volatility, up to levels around 89.00.
