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Mid-Day Report: Sentiments Recover on Greece and Italy Political Progress, Bill AuctionRisk sentiments recover today as the political situation in Greece and Italy showed progress. Former ECB Vice President Lucas Papademos was finally named as the new Greek prime minister to lead the coalition government of socialists and conservatives. The government is expected to operate until election in February. That is seen as an important step for Greece to move to secure the next tranche of bailout fund for before the government runs out of money in December. Meanwhile, Italy's Senate will rush to vote on the austerity measures tomorrow. Meanwhile, the outgoing prime minister reversed the call for early election. |
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EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.3423; (P) 1.3641 (R1) 1.3759; More. EUR/USD recovers mildly after dipping to as low as 1.3483 earlier today but after all, with 1.3858 resistance intact, current decline from 1.4246 is still expected to continue to 100% projection of 1.4246 to 1.3608 from 1.3858 at 1.3220. Break will likely send EUR/USD through 1.3145 to resume the whole decline from 1.4939. On the upside, as noted before, break of 1.3858 resistance is needed to signal completion of fall from 1,.4246. Otherwise, we'll stay cautiously bearish even in case of recovery. However, break of 1.3858 resistance will indicate that fall from 1.4248 is completed and argues that while rise from 1.3145 is still in progress for another high above 1.4246. |
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China Watch: CPI Eases, Trade Surplus Misses ExpectationsChina's headline CPI eased to +5.5% y/y in October from +6.1% a month ago, thanks to the pullback of food prices. PPI rose +5.0% y/y during the month, moderating sharply from +6.5% in September. The relief in upstream cost pressure suggested that the pass-through effect to the downstream CPI would be greater reduced. The set of data should lead the Chinese government to be less vigilant over prices. However, as Premier Wen stressed that tightening measures on property will be maintained, we do not expect a easing monetary policy, such as rate cuts or decreases in RRR, will be announced in the near future. |
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Trade Idea: EUR/USD – Sell at 1.3650As the single currency has remained under pressure after yesterday’s selloff below previous support at 1.3608, suggesting the decline from 1.4248 top is still in progress for a stronger retracement of early rise from 1.3145 to 1.3500 and then 1.3470/75 (61.8% projection of 1.4248-1.3608 measuring from 1.3870), however, near term oversold condition should limit downside to 1.3430/40 and price should stay well above 1.3400 Trade Idea: USD/CHF – Buy at 0.9030As the greenback has maintained a firm undertone after yesterday’s rally above previous resistance at 0.9068 and 0.9082, suggesting the rise form 0.8568 low is still in progress and further gain to 0.9155 (100% projection of 0.8568-0.8961 measuring from 0.8762) and the0.9180/85, however, near term overbought condition should limit upside to 0.9200/10 which is likely to hold on first testing, bring minor correction later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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