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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Markets Steadily in Range, Eurozone Rescue Funds and Spain WatchedMarkets are pretty steady in range today so far. Dollar index recovered mildly from last week's low but there is no clear strong for further rebound yet. EUR/USD struggled to take out 1.33 handle for the moment and retreats mildly. The Japanese yen weakens notably after last week's rebound while commodity currencies are slightly softer. Equities are not providing much direction as major Asian indices are nearly flat. Gold is also hovering around 1660 level. Some consolidative trading would likely be seen today but attention will be paid to Eurozone peripheral yields as market's focus are on Spain as well as the conclusion on combining the temporary and permanent Eurozone bailout fund later in the week. |
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| Featured Technical Report | |
EUR/JPY Daily OutlookDaily Pivots: (S1) 108.63; (P) 109.23; (R1) 109.87; More EUR/JPY formed a temporary low at 108.48 and recovered and intraday bias is turned neutral first. At this point, correction from 111.43 short term top could continue with another fall below 108.48. But after all, downside is expected to be contained by 105.64 support and bring rebound. Rally from 97.03 is expected to resume sooner or later. Decisive break of 111.57 resistance will confirm that fall from 123.31 has completed and should target a test on this key resistance next. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency has retreated this morning after once again meeting offers (for protection of 1.3300 option barrier) and dollar's broad-based rebound elsewhere also put pressure on the headline pair, however, bids are still noted at 1.3220 and 1.3190-00 with stops building up below 1.3190 and 1.3170, followed by mixture of bids and stops located further out at 1.3130-40. On the upside, offers are still noted at 1.3280-90 with sizeable stops remain above said option trigger at 1.3300, next barrier is tipped further out at 1.3350 with more stops placed above there. | ||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Hold long entered at 0.9100Although Friday’s breach of 0.9072-78 support confirms recent decline from 0.9335 top has resumed, lack of follow through selling suggests consolidation would be seen and as long as Friday’s low at 0.9067 holds, mild upside bias remains for another rebound back to 0.9140 (Friday’s high) but break of strong resistance at 0.9179 is needed to retain bullishness and signal a temporary low is formed, bring a stronger rebound to 0.9202 Trade Idea: USD/JPY – Sell at 83.20Although the greenback has staged a strong rebound after falling to 81.97 last Friday (same level as previous support) and consolidation with mild upside bias is seen for retracement to 82.90/95, however, reckon the Ichimoku cloud top (now at 83.22) would limit upside and bring another decline later. A break of said support would extend the fall from 84.19 top for a stronger retracement of early rise to 81.45-50 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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