Wednesday, July 14, 2010
Intraday Market Outlook for Day Traders
Further weakness is dominant in European morning trading, bringing the pair down to 1.2580 right now. We expect a recovery move to set in soon today, making room for an upmove to 1.2620.
After an undecisive Asian hours' market, the pound is now gaining some strength against the dollar in early European trading, to now 1.5102. We see the bidding to dominate more or less today and reckon with prices around 1.5140.
In a slow European morning market, the dollar gained some strength against the Swiss franc, priced right now at 1.0598. Projecting not much more upside potential for today, we reckon with a down market for today, probably testing marks below 1.0580.
It is support testing right now for the dollar against the yen in the European morning hours, with the market hovering just above 88.30. Below prices of 88.10, we see bidding coming up, opening an upside potential to 88.80. Currently at 88.41.