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Daily Report: Sterling Soars and Scotland Rejected IndependenceSterling soared as along with the Scottish independence referendum and maintained gain as the "no" camp won. It's reported that 55% of voters rejected independence while 45% supported. Now that the risk is behind, BoE is seen to be back on track, and "business as usual" as some described. The central bank is seen to hike rate next year as recovery gather momentum. GBP/USD reaches as high as 1.6523 so far today comparing to this month's low of 1.6051.EUR/GBP powered through 0.7873 support and reaches as low as 0.7809 so far. Overall, the pound is seen strongest against yen this week, with GBP/JPY jumping nearly 500 pts and breached 180 handle. |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 176.72; (P) 177.54; (R1) 178.94; More..... GBP/JPY rises to as high as 180.70 so far today and intraday bias remains on the upside. The medium term up trend is still in progress and should target next long term fibonacci level at 183.96. On the downside, below 178.47 minor support will turn bias neutral and bring retreat. But downside should be contained above 175.36 resistance turned support and bring rally resumption. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchJPY: Dollar rose briefly to 108.96 but has retreated after faltering below 109.00 level, offers are still noted at 108.95-00, 109.15-25 and 109.40-50. On the downside, bids remain at 108.50, 108.25-35 and 108.00, more buy orders are located at 107.85, 107.50 and 107.25-35, mixture of bids and stops is tipped at 107.00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Wrap-up: USD/JPY - Buy at 108.00As the greenback has eased after intra-day brief rise to 108.96, suggesting minor consolidation below there would be seen and pullback to the Kijun-Sen (now at 108.13) cannot be ruled out, however, reckon 107.90-00 would limit downside and bring another rise later, above 109.00 would extend gain to 109.15-20 (61.8% projection of 103.56-107.39 measuring from 106.81), however, near term overbought condition should prevent sharp move beyond 109.50 Trade Idea Wrap-up: USD/CHF - Sell at 0.9390Although the greenback resumed recent rise to 0.9433, lack of follow through buying and the subsequent strong retreat suggest a temporary is possibly formed there and consolidation with downside bias is seen for test of support at 0.9300, however, break of previous support at 0.9287 is needed to add credence to this view, bring retracement of recent upmove towards 0.9245-50 later. 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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