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Mid-Day Report: Dollar Index Staying in Range ahead of an Eventful WeekThe Japanese yen is generally lower today as risk markets extended last week's rebound. Meanwhile, Sterling was lifted by comments from BoE governor Carney. US events will be the major focus this week. In particular, the annual event of the Jackson Hole symposium will start on Thursday. With the theme "Reevaluating Labor Market Dynamics", this year's conference should provide chance for Fed Chair Yellen to expand her dashboard, how she view the US job market and using what indicators. On Tuesday, the inflation report might show headline CPI easing to 2% yoy in July from 2.1% a month ago. Core inflation probably stayed at 1.9%. July housing starts and permits would also be due on Tuesday. The July FOMC minutes would be released on Wednesday. On Thursday, the Philly Fed survey and flash Markit manufacturing PMI would allow a glimpse of the health of the manufacturing sector. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3368; (P) 1.3389 (R1) 1.3421; More.... Intraday bias in EUR/USD remains neutral for the moment. Near term outlook stays mildly bearish and deeper decline is still expected. Below 1.3332 will target 100% projection of 1.3993 to 1.3502 from 1.3700 at 1.3209. But in that case, strong support should be seen there to bring rebound. . Meanwhile, above 1.3444 will confirm short term bottoming and turn bias back to the upside for 1.3502 support turned resistance. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||
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. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Buy at 0.9005Although the greenback has rebounded after holding above Friday's low of 0.9024, as long as Friday's high of 0.9071 holds, near term downside risk remains for the erratic decline from 0.9115 top to bring retracement of early upmove and weakness to support at 0.9004-08 cannot be ruled out before prospect of another rise, above said minor resistance at 0.9071 would suggest low is possibly formed, bring rebound to 0.9090 but only break of 0.9104-05 would confirm upmove has resumed for retest of 0.9115 Trade Idea Update: USD/JPY - Buy at 101.90Although the greenback has rebounded after finding support at 102.14 on Friday, as long as Friday's high at 102.72 holds, further consolidation would be seen and risk of another corrective fall to 102.09-14 support cannot be ruled out, however, downside should be limited to 101.85-90 and bring another rise later, above said resistance at 102.72 would signal the rise from 101.51 is still in progress for gain to 102.93 resistance but break there is needed to add credence to our view that early retreat from 103.09 has ended at 101.51 and bring retest of this level. 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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