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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: EUR/CHF Dives in Knee Jerk Reaction to SNB Hildebrand's ResignationEUR/CHF spikes lower after SNB Chairman Hildebrand resigns today with immediate effect after recent currency trade scandal. The former central bank chief has been troubled by his wife's act of buying dollar three weeks before implementing the move to curb Franc's strength. Hildebrand has rejected the calls to step down and denied claims that he personally authorised the hugely profitable trade. EUR/CHF dipped to as low as 1.2106 but quickly recovered back above 1.2121 support level. It's believed there would be no change in SNB's overall policy stance and today's jump is merely a knee-jerk reaction. Vice Chairman Jordan is widely speculated to step in as the successor. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9511; (P) 0.9544; (R1) 0.9584; More... The break of 0.9505 minor support suggests that a temporary top is formed at 0.9594 and intraday bias is turned neutral for the moment. Deeper retreat might be seen to 4 hours 55 EMA (now at 0.9438) and below. But downside should be contained well above 0.9304 support and bring another rise. Recent rally from 0.7065 is still expected to continue and above 0.9594 will target 0.9916 key resistance next. |
| Special Report |
2012 Forecast: USDJPY To Move SidewaysWe expect the movement of Japanese yen this year will be directed by factors including BOJ’s intervention, risk appetite and Fed’s QE3. Optimism of FOMC policymakers and the fiscal situation in the US will exert downward pressure on USD/JPY in the first half of the year but the BOJ will likely defend the level of 75 via intervention. Upside of the currency pair will also be capped by sluggish US economic growth and probable implementation of Fed’s QE3 later in the year. In this case, USD/JPY will likely be range-bounded this year. |
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| 2012 Elliott Wave Forecast | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency rebounded in Asian and early European sessions on active buying by a German bank and stops at 1.2780 were triggered, however, more selling interest is tipped further out at 1.2800 with even bigger stops placed above there and 1.2820 with more selling interest likely to emerge around 1.2850-60. On the downside, option related bids are reported from 1.2720 down to 1.2700 (related to 1.2700 expiry New York cut) and mixture of bids (from Asian CBs) and stops remain at 1.2650-60. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Buy at 1.2700Euro’s intra-day rebound from 1.2666 to 1.2785 adds credence to our view that a minor low is formed there and consolidation with mild upside bias is seen for test of 1.2800, then to 1.2813-23 (Friday’s high and current level of the Ichimoku cloud bottom and 38.2% Fibonacci retracement of 1.3077-1.2666) but reckon previous support at 1.2858 would hold form here, bring another decline later. Trade Idea: AUD/USD – Hold long entered at 1.0175Despite intra-day brief fall to 1.0145, as aussie has found good support there and has rebounded, retaining our bullishness and test of Friday’s high of 1.0280 is likely, break there would suggest the retreat from 1.0387 (last week’s high) has ended, then retest of this level would be seen later. Looking ahead, only above said resistance at 1.0387 would extend the move from 0.9667 for gain towards 1.0450/55 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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2012 Outlook
Fundamental Highlights
Technical Highlights
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