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Mid-Day Report: Dollar Extends Rebound as Retail Sales Beat ForecastsDollar opened the week high with help from selloff in Euro. Further strength in seen in the greenback in early US session after better than expected data. Retail sales rose 1.1% in March versus expectation of 0.8%. Ex-auto sales also rose 0.7% versus consensus of 0.5%. US stock futures point to a higher open and stock indices could stage a recovery after last week's selloff. DOW could have a attempt to reclaim 16000 handle today. Nonetheless, it should be noted that dollar is still held well below key near term resistance again other major currencies and the dollar index's recovery could face strong resistances as it approaches 80 handle. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8740; (P) 0.8772; (R1) 0.8794; More... The recovery from 0.8472 temporary low continues today and may extend higher. But upside is expected to be be limited by 0.8845 minor resistance and bring another fall. Current development suggests that whole decline from 0.9838 is possibly resuming. Below 0.8742 will target 0.8698 low first. Break will target 61.8% projection of 0.9156 to 0.8698 from 0.8952 at 0.8668 next. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded lower in European session and bids at 1.3810-20 were filled but buy orders are still noted at 1.3800, fresh demand should emerge around 1.3775-85 and further out at 1.3750. On the upside, offers are lowered to 1.3850 and in good size at 1.3865-75 as well as 1.3890-00 (stops above figure), more sell orders are tipped at 1.3920 and 1.3940-50, 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. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Sell at 0.8845As the greenback has risen again after finding good support around the Kijun-Sen, retaining our view that further consolidation above last Friday's low of 0.8743 would be seen and near term upside risk remains for retracement to previous support at 0.8826, however, 0.8846-48 (another resistance and 50% Fibonacci retracement of 0.8953-0.8743) should limit upside and bring another decline later, a break of said support at 0.8743 would extend recent decline from 0.8953 to 0.8720-30 Trade Idea Update: EUR/USD - Buy at 1.3785As the single currency has slipped again after meeting resistance around the Kijun-Sen, suggesting a temporary top has been formed at 1.3906 last week and near term downside risk is seen for retracement of recent rise to 1.3780-90 (previous support at and 50% Fibonacci retracement of 1.3673-1.3906), however, reckon 1.3762 (61.8% Fibonacci retracement) would limit downside and bring another rebound later. Above 1.3860-65 would suggest an intra-day low is formed Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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