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Mid-Day Report: Dollar in Range Against Europeans in Quiet MarketsDollar remains soft in consolidation against European majors in early US session. Dallas Fed president Richard Fisher said today that his outlook for ending Fed's QE at the next meeting wasn't changed despite recent market volatility. He noted that stocks could have a correction with Fed pull back the policy accommodations. But he emphasized that "the underlying economy is doing well". Boston Fed president Eric Rosengren also said during the weekend that Fed should stop the bond buying program at the next meeting later in this month. He noted that with unemployment rate at 5.9%, Fed has met the "hurdle" of "substantial improvement in labor markets" already. Released from Canada, wholesale sales rose 0.2% mom in August. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9421; (P) 0.9447; (R1) 0.9490; More.... No change in USD/CHF's outlook. We'd still expect strong support from from 0.9300/9395 support zone to complete the correction from 0.9688. Above 0.9561 will turn bias back to the upside for retesting 0.9688 first. However, break of 0.9300 will bring deeper fall back to 61.8% retracement at 0.9173. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency continued to trade in familiar range and further consolidation is in store, offers are noted at 1.2800-05 and 1.2820-25, more sell orders are reported at 1.2850 and 1.2880-90, mixture of offers and stops is located at 1.2900. On the downside, bids are seen at 1.2725-35, 1.2700 and 1.2675-80, more buy orders are tipped at 1.2650 and 1.2620-25 (stops below), fresh demand should emerge around 1.2600-10with more stops building up below figure. | ||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Buy at 1.6000Although the British pound fell marginally to 1.5865 late last week, the subsequent strong rebound suggests a temporary has been formed there and consolidation with upside bias is seen for gain to 1.6150, break there would extend the rise from 1.5875 low for retracement of recent decline to 1.6175-80, then towards 1.6200, however, reckon resistance at 1.6227 would cap upside, bring another decline later. Trade Idea Update: USD/JPY - Buy at 106.40As the greenback has retreated after meeting resistance at 107.39, suggesting minor consolidation below this level would be seen and pullback to 106.50 cannot be ruled out, however, reckon 106.35-40 would limit downside and bring another rise later towards previous resistance at 107.50-53, a firm break above there is needed to add credence to our view that low has been formed at 105.20 last week, bring at least a retracement of recent decline to 107.85-90 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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