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Mid-Day Report: Dollar, Yen, Swiss Franc Strengthens on Stock Market SelloffDollar, Yen and Swiss Franc are generally higher today on risk aversion while Canadian dollar and Sterling are hardest hit. Nikkei tumbled sharply by -340 pts, or -2.38% earlier today to close below 14000 handle at 13960, hitting a six month low. European indices followed with FTSE losing -1.27%, DAX losing -1.86% and CAC losing -1.45% at the time of writing. US equities are set to open lower as indicated by futures. DOW could set to have a test on 16000 handle today before the weekly close. Technically, it should be noted that S&P 500 took out 55 days EMA overnight and closed below. NASDAQ was even worst as the earlier recovery this week was limited below the 55 days EMA while indicates that the trend has been changing. While DOW is holding above key near term support at 16047 so far, this level looks rather vulnerable and break today will confirm near term reversal and would provide the platform for rally in safe haven currencies next week. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6751; (P) 1.6785; (R1) 1.6817; More... GBP/USD's retreat from 1.6819 temporary top extends lower today but is holding above 1.6683 resistance turned support so far. Intraday bias remains neutral first. Outlook stays bullish as we expect the rally from 1.4813 to resume sooner or later. Break of 1.6822 will target 1.7043 key resistance level next. Though, below 1.6683 will dampen the bullish case and turn bias back to the downside instead. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency retreated in European session in part due to long liquidation ahead of weekend, offers in good size remain at 1.3900-10, 1.3930 and 1.3950, mixture of offers and stops is located at 1.3970-75 (option barrier), defensive selling interest is tipped ahead of barriers at 1.3990 and 1.4000 with bigger stops placed above figure. On the downside, bids at 1.3870 were filled but buy orders are still noted at 1.3850-60, 1.3815-35 area and 1.3800, fresh demand should emerge around 1.3780 and 1.3750. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Sell at 0.8825As the greenback has remained under pressure after breaking previous support at 0.8787, bearishness remains for the fall from 0.8953 to extend weakness to 0.8740 and possibly 0.8720, however, loss of momentum should prevent sharp fall below recent low of 0.8699, risk from there is seen for a corrective rebound to take place later. Trade Idea Update: GBP/USD - Hold long entered at 1.6725Cable's retreat after yesterday's rise to 1.6820 has retained our view that minor consolidation below 1.6820-23 resistance would be seen and marginal weakness from here cannot be ruled out, however, reckon 1.6700 would limit downside and bring another rise later, above 1.6790-95 would signal pullback is over, bring test of strong resistance at 1.6820-23, break there would extend recent upmove to 1.6850 and possibly towards 1.6875-80 but reckon 1.6900 would hold Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights
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