The G7's finance ministers' remarks at this weekend's meeting, trying to calm down rising fear in euro bond markets, were not enough to curb the moneyflow into the yen and the dollar seeking safe havens from the present storm over the Eurozone. Stemming the tide is futile, this first real test of the Eurozone has widespread and lasting consequences. Today, Asian trading has seen just weak attempts for a short-term recovery of the battered euro. We only see a slowing down of the upcurve in the JPY and USD against its trading partners and probably a short term-top in the coming days.

Meanwhile, for today's trading, we reckon with some, but only tepid, down corrections in the dollar. See in the list below our projected favorable bidding points for the USD, except in the USD / JPY. There are no market-moving data scheduled for today.

by George Clement

Intraday Market Outlook for Day Traders

EUR / USD
The recovery attempt of the pair continued in early European trading with the market standing right now at 1.3690. We would be sellers in today's trading, but not below 1.3725.

GPB / USD
The pound started the European morning market with a pause in its downtrend against the dollar, currently trading in low volatility at 1.5575. We expect the downtrend to be picked up later in the day, after a slight recovery move up to 1.5620.

USD / CHF
The dollar is about to test its 1.0700 support zone for a third time, currently at 1.0716. We expect this line to hold again more or less in today's trading, opening room for further upmoves toward the 1.0780 resistance level.

USD / JPY
In a slight upmove in low volatility and trading currently at 89.40, the dollar is on its way to the 89.60 mark, from where we see renewed selling today to levels around 89.00.