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Mid-Day Report: Euro Recovers Despite Weak Investor Sentiment DataEuro recovers mildly against the greenback today and is also firm against Sterling. Eurozone Sentix Investor confidence dropped to -13.7 in October, below expectation of -11.8. That's the lowest level since May 2013. Sentix noted that the index is now "clearly in negative territory" and that means a technical recession in the Eurozone is "ever more likely". Meanwhile, it added that "it's conspicuous that neither the European Central Bank's rhetoric nor its measures were able to drive up investors' expectations of the economy this month." Also released from Eurozone, retail PMI dropped to 44.8 in September. German factory orders dropped -5.7% mom in August. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9574; (P) 0.9628; (R1) 0.9726; More.... Intraday bias in USD/CHF remains on the upside for the moment. Current rally should extend to 261.8% projection of 0.8702 to 0.9036 from 0.8855 at 0.9729 next. Break there will target key resistance zone of 0.9838/9971. Based on current overbought condition, we'd be cautious on short term topping there. On the downside, break of 0.9516 support is needed to confirm 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 continued to edge higher after rebounding from Friday's low of 1.2501, offers at 1.2550 and 1.2565 were filled but sell orders are still noted at 1.2570 and 1.2580-85, mixture of offers and stops is located at 1.2600, sell orders are expected at 1.2615-25 and 1.2675-85, selling interest is tipped further out at 1.2675-85 and 1.2700-10 (stops above). On the downside, bids are raised to 1.2525-30, 1.2500-10 and 1.2485, mixture of bids and stops is located at 1.2450, more buy orders are located at 1.2420-25 and 1.2400. | ||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Sell at 1.6050As the British pound has remained under pressure after last week's selloff below previous support at 1.6052, suggesting the decline from 1.7192 top is still in progress and further weakness to 1.5950, then 1.5920-25 would be seen, however, near term oversold condition would limit downside to 1.5900 and reckon 1.5870 would hold from here, risk from there is seen for a rebound to take place later. Trade Idea Update: EUR/USD - Sell at 1.2625As the single currency has recovered after falling to 1.2501 on Friday and consolidation above this level would be seen, near term upside risk is seen, above the Kijun-Sen (now at 1.2564) would bring corrective bounce to 1.2600, however, reckon upside would be limited to 1.2625-30 and bring another decline later. A break of said support at 1.2501 would extend recent decline to 1.2470 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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