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Mid-Day Report: Dollar Rises after Durable OrdersDollar rises against Euro in early US session after better than expected economic data. Headline durable goods orders rose 0.7% in June versus expectation of 0.4%. Ex-transport orders rose 0.8% versus expectation of 0.6%. The dollar index reaches as high as 81.01so far in early US and is testing 81.02 near term resistance. Technically, we'd maintain that 81.02/48 represents an important resistance zone for the index. Whether it could break through the zone would very much depends on whether EUR/USD could move away from 1.3476 key support decisively. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9009; (P) 0.9023; (R1) 0.9039; More.... USD/CHF's rally continues today and reaches as high as 0.9046 so far. The break of 0.9036 resistance indicate resumption of the rebound from 0.8698 low. Intraday bias remains on the upside and current rise should target a test on 0.9156 key resistance. On the downside, below 0.9007 minor support will turn bias neutral and bring retreat. But outlook will stay bullish as long as 0.8958 resistance turned support holds. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency extended recent fall to multi-month low below 1.3430, mixture of bids and stops at 1.3425 is now in focus, however, buy orders are still noted at 1.3400-10, more buying interest is expected at 1.3370-80 and 1.3350. On the upside, offers remain at 1.3475-85, 1.3500 and 1.3520-30, combination of offers and stops is located at 1.3545-50, fresh selling interest is tipped at 1.3555-80 area (stops above) and 1.3600-10. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Sell at 1.7050As cable has remained under pressure after yesterday's selloff to 1.6966, adding credence to our view that top has been formed at 1.7192 earlier last week and downside bias remains for this fall to bring retracement of recent upmove to previous support at 1.6952, break there would extend weakness towards 1.6925-30, however, near term oversold condition should limit downside to 1.6900 Trade Idea Update: USD/CHF - Buy at 0.8980As the greenback has risen again after finding renewed buying interest at 0.9008 yesterday, suggesting recent erratic rise from 0.8699 low is still in progress and may extend gain to 0.9050, however, loss of upward momentum should prevent sharp move beyond 0.9065-70 and reckon resistance at 0.9082 would hold on first testing, price should falter below 0.9100, risk from there is seen for a retreat to take place later. 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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