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Action Insight Market Overview	Markets Snapshot
Daily Report: Stocks Retreated, Dollar Soft ahead of FOMC Minutes US stocks continued to pull back overnight with DOW dropped -117.59 pts, or 0.69% to close below 17000 handle at 16906.62. Asian equities also opened lower. Meanwhile, dollar is mildly softer against other major currencies. Focus will mainly turn to FOMC minutes to be released later in the US afternoon. The strong employment data in June lifted the speculations that Fed could raise interest rates earlier than expected. That is, Fed could hike rates in spring of 2015, rather than fall. Nonetheless, the minutes from June's meeting could be a bit dovish as it might show that Fed is not in a hurry to remove policy stimulus. The minutes will also provide the background information for the forecast changes released after the meeting. Also, there could be some discussions regarding exit strategies. Full Report Here...
Featured Technical Report
USD/CHF Daily Outlook Daily Pivots: (S1) 0.8918; (P) 0.8931; (R1) 0.8943; More.... USD/CHF faced some resistance from the near term falling channel and formed at temporary top at 0.8985. Intraday bias is neutral for the moment. With 0.8898 minor support intact, we're favoring the bullish case. That is, pull back from 0.9036 has completed at 0.8855. Further rise is expected and above 0.8985 would target 0.9036 first. Break will extend the larger rise to 0.9156 key resistance next. However, break of 0.8898 will revive the original bearish case and turn bias back to the downside for 0.8855 support first. 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
23:01	GBP	BRC Shop Price Index Y/Y Jun	-1.80%		-1.40%
23:50	JPY	Japan Money Stock M2+CD Y/Y Jun	3.00%	3.00%	3.30%
0:30	AUD	Westpac Consumer Confidence Jul	1.90%		0.20%
1:30	CNY	CPI Y/Y Jun	2.30%	2.40%	2.50%
1:30	CNY	PPI Y/Y Jun	-1.10%	-1.00%	-1.40%
6:00	JPY	Machine Tool Orders Y/Y Jun P			24.10%
12:15	CAD	Housing Starts Jun		190.0K	198.3K
14:30	USD	Crude Oil Inventories			-3.2M
18:00	USD	FOMC Minutes

Orders and Options Watch

US Session: Orders and Options Watch

GBP: Although the British pound fell initially after the release of weaker-than-expected UK data, as indicated bids at 1.7085 contained cable's downside and the pair has recovered, further consolidation is in store, buy orders remain at 1.7085 and 1.7050-60 (stops below 1.7050), buying interest in good size is reported at 1.7025-35 and 1.7000-10 (more stops below figure). On the upside, offers are seen at 1.7140-50 and 1.7165, mixtures of offers and stops are tipped at 1.7180-85 and 1.7200-10, selling interest is expected further out at 1.7225 and 1.7240-50.

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Forex Trade Ideas

Trade Idea: EUR/GBP - Turn long at 0.7860

Although the single currency has rebounded after holding above yesterday's low at 0.7915 and consolidation above this level is in store, reckon 0.7980-85 would limit upside and near term downside risk remains for recent impulsive decline to extend further weakness in wave v of iii to 0.7900, however, this final leg of wave iii should be limited to 0.7855-60 and risk from there is seen for a rebound to take place place later, above 0.7980-85 would bring correction towards 0.8000

Trade Idea: USD/CAD - Sell at 1.0750 or buy at 1.0570

Although the greenback's recovery after holding above last week's low of 1.0621 suggests consolidation above this level would be seen for retracement to 1.0700-10, reckon 1.0750-55 would limit upside and bring another decline later, a break of said support at 1.0621 would extend recent decline to 1.0605-10 (61.8% Fibonacci retracement of 1.0190-1.1279) but loss of momentum would prevent sharp fall below 1.0570-75, the pair is likely to find good support above 1.0550 and stage a much-needed corrective rebound later.