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| Action Insight Weekly Report | Markets Snapshot |
Risk Appetite Jumped after FOMC but Lost Momentum, Could it Survive this Week's Data?Dollar was sold off broadly after Fed extended the pledge to keep rates at historical low till late 2014 following the FOMC meeting. Risk appetite was given a strong boost and sent DOW to as high as 12841 just a few dozens points below last year's high of 12876. However, risk rally then lost momentum, facing profit taking and as sentiments were cooled by disappointing US GDP data. The development thus limited commodity currencies' rally and AUD/USD and USD/CAD turned sideway towards the end of the week. Meanwhile, Euro and Swissy were surprisingly the biggest winners last week even though the Greece PSI talks dragged on. European majors would likely extend current rebound against dollar in near term as pull back in stocks would likely limit strength in Aussie and Loonie while European/commodity crosses rebound. |
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| Featured Technical Report | |
USD/CHF Weekly OutlookThe sharp decline last week and decisive break of 0.9304 support indicates that rise from 0.8567 is finished at 0.9594 already. Also, considering bearish divergence condition in daily MACD, whole rebound from 0.7065 is possibly finished too. Initial bias remains on the downside this week for 0.9065 support first. Break will target 0.8567 key support to confirm the bearish case. On the upside, above 0.9228 minor resistance will turn bias neutral and bring consolidations first before staging another fall. |
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The Week in Review and Outlook
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