Monday, March 08, 2010 12:30 CET
Intraday Market Outlook for Day Traders
EUR / USD
The uptrend of the pair continued in Asia's start of the week and is now establishing a consolidation in the early European market hours at the 1.3670 level. We see one more upmove in today's trading, but not significantly above 1.3730, where renewed selling would set in. Currently at 1.3653.
GBP / USD
Cable is still following a moderate uptrend in the European morning, currently trading at 1.5140. We expect the up momentum to fade out around 1.5240 today. Market weakness then could test the 1.5125 support for today.
USD / CHF
Against the Swiss franc, the dollar is currently trading at 1.0718 in the European morning session, quietly consolidating on lower levels. We do not see much more downside risk for today, which is limited at 1.0680, from where renewed bidding will bring the market to 1.0775.
USD / JPY
The dollar successfully defended its higher levels against the yen in Asian trading and is now priced at 90.37 in the European morning. We expect another upmove to set in later today, eventually breaking the 90.60 resistance level.
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