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Daily Report: Sentiments Further Improved as Ukraine and Russia Entered TalkUS equities surged sharply over night on optimism that there was progress in solving the Ukraine tensions. DIJA rose 175.83 pts, or 1.06% to close at 16838.71 while S&P 500 rose 16.68 pts, or 0.85% to close at 1971.74. Asian equities followed with Nikkei up over 0.9% at the time of writing. Russia and Ukraine eventually agreed to find ways of cease fire in eastern Ukraine. German Foreign Minister Frank-Walter Steinmeier has brought together Ukraine's Pavlo Klimkin of Ukraine and Russia's Sergei Lavrov for a talk which would also be attended by France's Laurent Fabius. According to Steinmeier, the meeting is "all about finding a roadmap towards a sustainable cease fire and a framework for effective border controls ... Only in this way can eastern Ukraine calm down and Kiev continue a national dialogue that appropriately involves the people in the east". Although the progress of the discussion appeared to be slow, the parties pledged to focus on ending the violence in Ukraine. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9036; (P) 0.9052; (R1) 0.9081; More.... USD/CHF recovered after hitting 0.9022 and intraday bias is turned neutral first. No change in the near term outlook as price actions from 0.9114 are viewed as a consolidation pattern. In case of another fall, strong support should be seen at near term channel (now at 0.8992) to contain downside and bring rise resumption. Above 0.9114 will target 0.9156 key resistance next. However, sustained break of the channel support will indicate reversal and target 0.8855 and below. |
| Economic Indicators Update |
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US Session: Orders and Options WatchEUR: The single currency continued to trade narrowly and offers are still noted at 1.3400-10, 1.3425-30 and 1.3445-50, more sell orders are located from 1.3460 all the way up to 1.3500, selling interest is tipped further out at 1.3520-30. On the downside, bids at 1.3380 were filled but buy orders are still seen at 1.3360-65, 1.3340-45 and above 1.3325 barrier (stops below), defensive bids remain at 1.3300-10 with more stops placed below another barrier at figure, some buy orders are tipped at 1.3285, 1.3265 and 1.3250. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CAD - Buy at 1.0850Although the greenback recovered after falling to 1.0860 on Friday, as long as 1.0940 holds, near term downside risk remains for the corrective fall from 1.0986 to bring retracement of recent rise to 1.0845-50 (50% Fibonacci retracement of 1.0709-1.0986 and 38.2% Fibonacci retracement of 1.0621-1.0986) before prospect of another rally, above said resistance at 1.0940 would signal the retreat from 1.0986 has ended and bring resumption of recent rise from 1.0621 Trade Idea Wrap-up: GBP/USD - Sell at 1.6845 or buy at 1.6690Cable's rebound after falling to 1.6658 last week suggests consolidation above this level would be seen and above previous support at 1.6757 would bring retracement of recent decline to 1.6800-10, however, resistance at 1.6845 should limit upside and bring another decline later. Below Friday's low of 1.6680 would bring retest of said support at 1.6658 but break there is needed to extend recent decline from 1.7192 top for further weakness to 1.6630 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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