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Daily Report: Dollar Extends Post FOMC Rally, SNB and Scottish Referendum WatchedDollar strengthened overnight after FOMC announcement and stays firm in Asian session today. Market reactions suggested that investors viewed the September FOMC meeting as a hawkish one although the Fed retained the language that 'it likely will be appropriate to maintain the current target range for the federal funds rate for a considerable time after the asset purchase program ends'. Meanwhile, the Fed continued QE tapering and announced a further US$10B reduction in asset purchases. On the accompanying statement, it is stated clearly that the asset purchase program would end at its next meeting. The Fed's latest set of economic projection showed somehow downward revision on the growth outlook. The mildly lower growth outlook did not tamper the expectations of an earlier rate hike schedule with the members raising their median estimate for the Fed funds rate, as the dot plot shows, to 1.375% at the end of 2015 from 1.125% forecasted in June. |
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| Featured Technical Report | |
USD/JPY Daily OutlookDaily Pivots: (S1) 107.49; (P) 107.94; (R1) 108.78; More... USD/JPY's rally resumed after brief consolidation and surged to as high as 108.74 so far today. Intraday bias is back on the upside and current rally should now target 100% projection of 96.56 to 105.43 from 101.08 at 109.95 next. Break there will pave the way to long term fibonacci level at 111.62. On the downside, break of 106.80 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency remained confined in narrow range, offers at 1.2960 were filled but sell orders are still seen at 1.2975-85 and 1.3000, more offers are noted at 1.3025 (stops above), 1.3035 and 1.3050-60, selling interest is expected at 1.3085, 1.3100-10 and 1.3035. On the downside, bids remain at 1.2920-25 and 1.2900-10, buy orders are still seen at 1.2885-95 and 1.2850-60 (stops below), buying interest is tipped at 1.2825, 1.2800 and 1.2785, fresh demand is expected at 1.2750 and 1.2725, mixture of bids and stops is located at 1.2700. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Wrap-up: USD/CHF - Buy at 0.9290Although the greenback found support at 0.9300 yesterday and has staged a rebound since, a break of indicated level at 0.9373-80 is needed to signal recent upmove has resumed for a retest of last week's high at 0.9396, above there would extend headway to 0.9417 (61.8% projection of 0.9126-0.9336 measuring from 0.9287 and 50% projection of 0.9176-0.9380 measuring from 0.9315) Trade Idea Wrap-up: EUR/USD - Sell at 1.3010Euro's near term sideways trading is likely to continue and near term upside risk remains for the erratic rise from 1.2859 to bring retracementof recent decline, above resistance at 1.2995 would extend marginal gain to 1.3000-10 (50% Fibonacci retracement of 1.3160-1.2859)before prospect of another retreat, below 1.2920-25 would bring test of 1.2909 but a sustained breach below latter level is needed to signalthe rebound from 1.2859 has ended Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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