Tuesday, July 27, 2010 12:23 CET
Intraday Market Outlook for Day Traders
EUR/USD
The pair is consolidating its higher levels in low volatility in European morning hours, trading right now at 1.2990. We reckon with another attack to the 1.3000 level today soon, but do not see a significant break of that resistance. At prices around 1.3020, selling most probably will set in, sending the market to 1.2955.
GBP/USD
The pound was trading slowly lower in the early European market hours, just to shoot up above 1.5500 and is currently trading at 1.5523 against the dollar. We do not expect much upside potential for the market today, not over 1.5535, and see an overall weaker trend, towards the 1.5400 mark.
USD/CHF
Gaining ground this European morning, the dollar is currently trading at 1.0580 against the Swiss franc. We expect nothing much more than a consolidation today on the higher levels, with a trading band between 1.0610 and 1.0555.
USD/JPY
The dollar received a lift against the yen in the European morning after a weak show in the Asian trading hours. With the market right now at 87.40, we see no more significant upside potential for today and expect a sideways trend between 87.55 and 87.10.
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