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Mid-Day Report: Euro Recovers after Mixed PMI, Dollar Retreats MildlyEuro recovers mildly today in spite of mixed PMI data. Eurozone PMI manufacturing dropped more than expected to 50.8 in August while PMI services dropped to 53.5. Both were below market consensus. French PMI manufacturing was weak and deteriorated to 46.5 . However, French services PMI unexpectedly improved to 51.1. German readings were positive with PMI manufacturing dropped less than expected to 52.0. German services PMI also dropped less than expected to 56.4. Markit senior economist Dobson said they didn't see "a recovery taking real hold as yet". Meanwhile, with strong rise in output and new orders, Germany could pull off a 0.7% expansion in Q3. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9102; (P) 0.9120; (R1) 0.9150; More.... Intraday bias in USD/CHF remains on the upside for 0.9156 key resistance. Decisive break there will carry larger bullish implications. In that case, further rise should be seen to 100% projection of 0.8702 to 0.9036 and 0.8855 at 0.9189 next. On the downside, break of 0.9022 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency traded narrowly after recovering from intra-day low of 1.3242, offers are still noted at 1.3280, 1.3300-10 (stops above) and 1.3325-30, more sell orders are tipped at 1.3350 and 1.3370, selling interest should emerge further out at 1.3385 and 1.3400-10. On the downside, some bids are seen at 1.3240-50, 1.3215-25 and 1.3200 with stops placed below barrier at figure, more buy orders are located at 1.3180 and 1.3150. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF - Buy at 0.9080Despite intra-day initial rise to 0.9146, as the greenback has retreated after faltering below indicated resistance at 0.9157, suggesting consolidation would be seen and pullback to the upper Kumo (now at 0.9091) cannot be ruled out, however, reckon the Ichimoku cloud bottom (now at 0.9067) would limit downside and bring another rise later. Above said resistance at 0.9157 would extsend early erratic rise from 0.8699 low for further gain towards 0.9190-00 Trade Idea Update: GBP/USD - Sell at 1.6650As cable has recovered after intra-day fall to 1.6564, suggesting minor consolidation above this level would be seen and corrective bounce to the Kijun-Sen (now at 1.6622) is likely, however, reckon upside would be limited to 1.6650 and bring another decline later, break of said support would exxtend recent decline from 1.7192 top to 1.6540-50, however, loss of downward momentum should prevent sharp fall below 1.6500-10 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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