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Mid-Day Report: Dollar Firm as ISM Services Beat ExpectationsDollar strengthens in early US session after better than expected services data. ISM non-manufacturing composite rose to 58.7 in July versus expectation of 56.6. That's also the best reading since December 2005. Looking at some of the details, new orders surged to 64.9, hitting the highest level since August 2005. Employment component also jumped to a six-month high of 56.0. business activity gauge improved to 62.4, highest since February 2011. Overall, the set of data suggested that US economy would strengthen further in Q3. Also released from US, factory orders rose 1.1% in June versus expectation of 0.6%. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3410; (P) 1.3420 (R1) 1.3432; More.... EUR/USD's breach of 1.3366 temporary low suggests that recent decline is resuming and intraday bias is back on the downside. Current fall from 1.3993 is expected to continue to 100% projection of 1.3993 to 1.3502 from 1.3700 at 1.3209 next. On the upside, break of 1.3444 resistance is needed to signal short term bottoming. Otherwise, outlook will stay bearish in case of recovery. |
| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency slipped today on soft EU data plus upbeat US ISM data, bids and stops at 1.3400, 1.3385-90 and 1.3375 were tripped, buy orders in good size are still noted at 1.3365, stops are building up below 1.3350 barrier, fresh demand should emerge around 1.3325 and further out at 1.3300-10 with stops placed below another barrier at figure. On the upside, offers are lowered to 1.3395-00 and 1.3420-25, more sell orders are tipped at 1.3445-50, more stops are placed above 1.3460 but selling interest is expected at 1.3470-80, followed by combination of offers and stops at 1.3490-10 area. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD - Sell at 1.6920Cable's rebound after holding above last Friday's low of 1.6812 has retained our view that minor consolidation would be seen and corrective bounce to 1.6890-00 cannot be ruled out, however, reckon 1.6920-25 would limit upside and bring another decline later, a break of said support at 1.6812 would add credence to our bearishness for recent decline from 1.7192 top to bring further weakness to 1.6800 but oversold condition should limit downside to 1.6770 Trade Idea Update: USD/CHF - Buy at 0.9070Current strong rebound suggests correction from last week's high of 0.9107 has possibly ended at 0.9041 and consolidation with upside bias is seen, however, break of said resistance at 0.9107 is needed to confirm the erratic rise from 0.8699 low has resumed and extend further gain towards resistance at 0.9157 but upside should be limited to 0.9175-80 and reckon 0.9200 would hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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