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Mid-Day Report: EUR/CHF Dives on Netherlands Downgrade Swiss Franc jumps against Euro today after S&P lowered the Netherlands' credit rating from AAA to AA+. That left Germany, Finland and Luxembourg as the only AAA countries in the Eurozone. S&P noted that the Netherlands' real GDP per capital trend growth is "persistently lower than that of peers at similarly high levels of economic developments". And, "strong contribution of net exports to growth has not been enough to offset a weak domestic economy". The rating agency said it didn't anticipate real economic output to surpass 2008 levels before 2017. On, the other hand, Swiss franc was supported by KOF leading indicator, which rose to 1.85 in November, hitting the highest level since July 2011. That's above expectation of 1.81. KOF said that the positive tendencies dominate in Switzerland. EUR/CHF dives through 1.23 level in European session but is held within recent range above 1.2284 so far. Full Report Here...
Featured Technical Report
USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9035; (P) 0.9060; (R1) 0.9081; More... USD/CHF drops further to as low as 0.9028 so far today, just inch above mentioned 61.8% retracement of 0.8889 to 0.9249 at 0.9027. Deeper decline could still be seen. But we'd expect strong support between 0.8889 and 0.9027 to contain downside to finish the pull back from 0.9249 and bring rebound. On the upside, above 0.9092 minor resistance will turn bias back to the upside for retesting 0.9249. Read more... EURUSD Technical Outlook USDJPY Technical Outlook GBPUSD Technical Outlook USDCHF Technical Outlook USDCAD Technical Outlook AUDUSD Technical Outlook EURJPY Technical Outlook EURGBP Technical Outlook EURCHF Technical Outlook GBPJPY Technical Outlook

Economic Indicators Update

GMT	Ccy	Events	Actual	Consensus	Previous	Revised
21:45	NZD	Building Permits M/M Oct	-0.60%	1.70%	1.40%
23:15	JPY	Nomura/JMMA Manufacturing PMI Nov	55.1		54.2
23:30	JPY	Household Spending Y/Y Oct	0.90%	1.00%	3.70%
23:30	JPY	Unemployment Rate Oct	4.00%	3.90%	4.00%
23:30	JPY	National CPI Core Y/Y Oct	0.90%	0.90%	0.70%
23:30	JPY	Tokyo CPI Core Y/Y Nov	0.60%	0.40%	0.30%
23:50	JPY	Industrial Production M/M Oct P	0.50%	2.00%	1.30%
00:05	GBP	GfK Consumer Sentiment Nov	-12	-10	-11
05:00	JPY	Housing Starts Y/Y Oct	7.10%	5.00%	19.40%
07:00	EUR	German Retail Sales M/M Oct	-0.80%	0.50%	-0.40%	-0.60%
08:00	CHF	KOF Leading Indicator Nov	1.85	1.81	1.72	1.71
09:30	GBP	Mortgage Approvals Oct	67.7K	68.5K	66.7K	66.9K
09:30	GBP	M4 Money Supply M/M Oct	0.10%	1.10%	0.60%
10:00	EUR	Eurozone Unemployment Rate Oct	12.10%	12.20%	12.20%
10:00	EUR	Eurozone CPI Estimate Y/Y Nov	0.90%	0.80%	0.70%
13:30	CAD	GDP M/M Sep	0.30%	0.10%	0.30%

Orders and Options Watch

US Session: Orders and Options Watch

EUR: The single currency maintained a firm undertone and marginal gain from here cannot be ruled out, however, selling interest is still seen around 1.3625 and 1.3640-50 (more stops above barrier at 1.3650), offers are reported at 1.3670, 1.3700 and further out at 1.3750. On the downside, bids remain at 1.3585-90 and 1.3565, more buy orders are tipped at 1.3550 and 1.3510-20, fresh demand should emerge from 1.3495 down to 1.3475 with stops building up below 1.3470-75 and 1.3460.

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Forex Trade Ideas

Trade Idea Update: GBP/USD - Buy at 1.6265

As the British pound has retreated after rising to 1.6374 earlier today and broke below the Kijun-Sen, suggesting consolidation below this level would be seen and correction to 1.6295-00 cannot be ruled out, however, reckon support at 1.6258 would contain downside and bring another rise later. A break of said resistance at 1.6374 would extend recent upmove to 1.6395-00

Trade Idea Update: EUR/USD - Sell at 1.3650 or on break of 1.3550

Although the single currency edged higher today and near term upside risk remains for recent upmove to extend gain to 1.3627-30 (61.8% Fibonacci retracement of 1.3833-1.3295), as this move from 1.3295 is still viewed as correction of early fall from 1.3833, reckon 1.3650-55 (100% projection of 1.3399-1.3560 measuring from 1.3490) would limit upside and bring another decline later.