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Mid-Day Report: Euro Recovery Lost Momentum ahead of WeekendEuro's recovery lost momentum today and dips back below 1.37 handle against dollar. It's set to remain the weakest currency this week, along with the Swiss Franc. It's reported that the director of Bruegel institute in Brussels urged ECB president to buy eurozone's crisis bonds. He noted that the effect of lowering the deposit rate to negative won't be big. Separately ECB said that Banks will return EUR 6.155bn in repayment for the LTRO next week. Three banks would repay EUR 5.005b from the first LTRO while two banks will repay EUR 1.15b from the second LTRO. That's seen by analysts as an indication of reduction in spare cash in the system and would put upward pressure on overnight bank-to-bank lending rates. The EONIA jumped above ECB's main rate of 0.25%. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8874; (P) 0.8916; (R1) 0.8951; More.... Intraday bias in USD/CHF stays neutral for the moment. The question remains on whether the pair could sustain above 0.8952 resistance. Further rally would complete a double bottom (0.8698, 0.8702) and will indicate trend reversal. In such case, stronger rise should be seen to 0.9156 resistance for confirmation. On the downside, below 0.8857 minor support will retain the view that price action from 0.8698 is merely a consolidation pattern and will turn bias back to the downside for retesting 0.8698 support instead. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency remained confined in narrow range, offers are still seen at 1.3730-55 area, 1.3770 and 1.3780-85 (stops above), selling interest in good size is located at 1.3800-05 (stops above), 1.3825-35 and 1.3850. On the downside, bids are now seen at 1.3675-85 and 1.3650-60 (stops below 1.3640-45), more buy orders are located at 1.3625 and mixture of bids and stops is tipped at 1.3600-10. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD - Sell at 1.6875As the British pound has risen again after finding support above the Kijun-Sen, suggesting near term upside risk remains for the rebound from yesterday's low of 1.6732 to bring retracement of recent decline, above 1.6840-45 would bring test of resistance at 1.6875, however, reckon 1.6895 (61.8% Fibonacci retracement of 1.6996-1.6732) would cap upside and bring another decline later. Below 1.6780-85 would signal an intra-day top is formed, bring another fall towards said support at 1.6732 Trade Idea Update: USD/JPY - Sell at 101.70As the greenback has recovered after falling to 101.32 yesterday, suggesting minor consolidation is in store, however, reckon the Kijun-Sen (now at 101.70) would limit upside and bring another decline later, break of said support would extend weakness to indicated strong support at 101.20-21, however, dollar needs to penetrate this key level to signal early decline from 105.44 (2014 high) has resumed and extend further weakness to 100.95-00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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