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Mid-Day Report: Dollar Lower as Durable Goods DisappointedDollar weakens in early US session as data disappointed again. Headline durable goods orders dropped for the second month in September, by -1.3% versus expectation of 0.3% growth, with prior month's figure revised down from -18.2% to -18.4%. Ex-transport orders also dropped -0.2% versus expectation of 0.5% growth, with prior month's figure revised down from 0.7% to 0.4%. Technically, it looks like dollar index's recovery from 84.47 has finished at 85.93 and it could now spiral back towards 55 days EMA (now at 84.34). The bigger test is tomorrow's FOMC rate decision and focus is on whether Fed would hint on the timing of the highly anticipated first rate hike. But in any case, we'd most likely see more consolidation below 86.74 high in near term. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9473; (P) 0.9497; (R1) 0.9517; More.... USD/CHF's dip from 0.9559 extends today and the current development suggests that correction from 0.9688 might extend lower. But we maintained our view to have strong support inside 0.9300/9395 support zone to complete the correction and bring rebound. Above 0.9559 will now turn bias to the upside for retesting 0.9688. Break will extend that larger rise from 0.8698 towards 0.9838/9971 key resistance zone. However, break of 0.9300 will bring deeper fall back to 61.8% retracement of 0.8855 to 0.9688 at 0.9173. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency jumped in part due to the release of soft US durable goods order report, offers at 1.2725-30 and 1.2750 were tripped, however, more selling interest is expected at 1.2770 and 1.2785-90, mixture of offers and stops remains at 1.2800. On the downside, bids are raised to 1.2720, 1.2685-90 and 1.2655-65 and 1.2625-30, more buying interest is tipped at 1.2600-10, 1.2565 and 1.2550. | |||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Buy at 1.6130Cable found renewed buying interest at 1.6088 earlier today and has rallied, adding credence to our bullishness for another test of 1.6184, break there would signal early rise from 1.5875 low has resumed and extend further gain for retracement of recent selloff to 1.6200-10, then towards 1.6250-60 but near term overbought condition should limit upside to 1.6275-80, however, reckon 1.6300 would hold from here. Trade Idea Update: USD/JPY - Buy at 107.40As the greenback has retreated after faltering below indicated level of 108.20, retaining our view that consolidation below yesterday's high of 108.38 would continue and near term downside risk remains for retracement of recent upmove to bring weakness to 107.50, however, reckon previous resistance at 107.39 would limit downside and bring another rise 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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