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Mid-Day Report: Dollar Lower as ADP Employment Missed, USD/JPY HeavyDollar weakens against yen and euro today after another disappointment from economic data. The ADP employment report showed 175k growth in private sector jobs in January, slightly below expectation of 195k. December's figure was revised down from 238k to 227k. US futures point to a lower open and investors are cautious ahead of another piece of important economic data later today, the ISM services. Another downside surprise in US data would possibly trigger further selloff in equities and risk aversion would drag yen crosses broadly lower. In particular, USD/JPY would possibly face 100.61 key support level today. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 101.03; (P) 101.35; (R1) 101.95; More... USD/JPY dips sharply in early US session but stays above 100.75 temporary low. Intraday bias stays neutral first. Some more consolidations could be seen but near term outlook stays bearish as long as 103.44 resistance holds. Deeper fall is expected to 100.61 key support level. Again, we'd like to point out the bearish divergence condition in daily MACD which argues that the larger up trend might be reversing. Break of 100.61 will confirm the bearish scenario and target 95.65 support next. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound rebounded in London in part due to the release of better-than-expected UK data, offers at 1.6315-20 and 1.6340 were filled but sell orders are still noted at 1.6350 and 1.6370, more selling interest is located at 1.6400-10, sizeable offers remain at 1.6440-50 and 1.6470-80. On the downside, bids in good size are still seen at 1.6250-60 with some stops placed below 1.6240, option defensive buying interest is seen at 1.6200-10. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF - Buy at 0.8990The greenback has retreated after holding below indicated resistance at 0.9062-65, retaining our view that further consolidation would take place and another corrective fall to 0.8990-95 (50% Fibonacci retracement of 0.8903-0.9082) before prospect of another rise, above said resistance would signal the pullback from 0.9082 has ended and bring retest of this resistance, break there would extend the rise form 0.8903 to 0.9100 Trade Idea Update: EUR/USD - Sell at 1.3580Although near term consolidation is expected to continue and as long as indicated support at 1.3477 holds, risk of another rebound to 1.3553 (38.2% Fibonacci retracement of 1.3677-1.377) cannot be ruled out, however, reckon upside would be limited to 1.3573-77 (Friday's high and 50% Fibonacci retracement) and bring another decline, break of said support would signal early fall from 1.3894 top has resumed for further weakness to 1.3450 and possibly towards 1.3430 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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