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Mid-Day Report: Markets Steady as Early Volatility Fades, EcoFin Call AwaitedMarkets are bounded in range as the earlier spike in dollar fades. European stock indices turned positive while US equities opens mildly higher as risk aversion recedes. Markets are awaiting the conference call among EU finance ministers. Main topic of discussion between the European leaders will be on offering EUR 200b of funds to channel through IMF for fighting the sovereign debt crisis. Among the fund, EUR 150b would come from Eurozone countries as bilateral loans while the rest would come from non-Eurozone EU countries. However, there are talks that they'll fall short of the EUR 200b target. |
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| Featured Technical Report | |
USD/JPY Mid-Day OutlookDaily Pivots: (S1) 77.61; (P) 77.78; (R1) 77.96; More. Despite earlier spike, USD/JPY failed to sustain gain and settled back into familiar range. Intraday bias remains neutral and more consolidations could still be seen. But rise from 76.57 is expected to resume sooner or later as long as 77.49 minor support holds. Above 78..28 will target 100% projection of 76.57 to 78.28 from 77.13 at 78.84 and above. Nonetheless, note that such rebound is viewed as the second leg of the consolidation pattern from 79.52. Hence, we'd expect strong resistance below 79.52 to bring another near term fall to continue the consolidation, as the third leg. Meanwhile below 77.49 minor support will flip bias back to the downside for 77.13. Break will suggest that recovery from 76.57 is finished and target this support and below. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency slipped to an intra-day low of 1.2983, option related buying interest (1.3000 New York cut) lifted the pair back towards Asian high of 1.3049, however, offers are still noted from 1.3050 up to 1.3080 with stops building up above 1.3085-90 and mixture of offers and stops is located further out at 1.3130-40. On the downside, whilst some bids are still seen at 1.3000, stops are building up below 1.2980 and also 1.2940 (large and with bids expected above this level). | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9305As dollar has remained under pressure meeting resistance at 0.9401 today, retaining our view that near term downside risk remains for the sharp retreat from temporary top of 0.9549 to bring retracement of recent upmove to previous support at 0.9343, however, renewed buying interest should emerge above previous resistance at 0.9291-99 and bring another rise later. Trade Idea: EUR/GBP – Sell at 0.8500As the single currency has remained sidelined after last week’s selloff to 0.8373, retaining our view that consolidation would be seen and retracement to 0.8450-60 and possibly to previous support at 0.8486 would be seen, however, renewed selling interest should emerge around 0.8500 and bring another decline later. A break of said support would extend recent decline from 0.9083 to 0.8350 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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