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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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Mid-Day Report: Markets Stay in Consolidation Mode in GeneralDollar stays in tight range against other major currencies in early US session except that some weakness is seen against Loonie. FOMC will start the two day policy meeting today and markets are eager to see if Fed will change the language in the statement to reflect that rate hike is nearing. Released from US, PPI rose to 1.8% yoy in August as expected while core CPPI rose to 1.8% Yoy versus expectation of 1.7% yoy. Canadian manufacturing shipments rose 2.5% mom in July versus expectation of 1.1% mom. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9323; (P) 0.9348; (R1) 0.9375; More.... USD/CHF's consolidation from 0.9395 temporary top is still in progress and intraday bias remains neutral. Deeper retreat could be seen but downside should be contained well above 0.9175 support. Larger rally is expected to resume later. Break of 161.8% projection of 0.8702 to 0.9036 from 0.8855 at 0.9395 will target 261.8% projection at 0.9729 next. |
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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 Update: EUR/USD - Sell at 1.3010As the single currency has rebounded after intra-day retreat to 1.2922, retaining our view that consolidation would be seen and another corrective rise to resistance at 1.2979-88 would be seen, however, still reckon 1.3000-10 (50% Fibonacci retracement of 1.3160-1.2859) would limit upside and bring another decline. Below 1.2922 would bring a test of 1.2909 but only break of 1.2880-85 would signal the rebound from 1.2859 has ended at 1.2979 and bring retest of this level Trade Idea Update: USD/JPY - Buy at 106.65As the greenback has continued to trade with a firm undertone, adding credence to our view that recent upmove is still in progress and may extend further gain to 107.50-55, however, weakening of near term upward momentum should prevent sharp move beyond 107.70-75 and reckon 108.00-10 would hold from here, risk from there is seen for a retreat to take place later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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