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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Sterling Strengthened Broadly on Cross Buying, BoE Miles CommentsSterling jumps broadly today in otherwise quiet market with help from the steep fall in EUR/GBP cross. Meanwhile, comments from BoE David Mile's comments. Miles express his anticipation that there will be a "rising trajectory for real house prices over the longer term." Technically, while dollar was broadly lower since late last week. EUR/USD was held below a near term resistance level. USD/CHF and USD/JPY are help above near term support level. Only GBP/USD managed to break through a near term resistance level to give us a clearer bullish picture. Today's development affirm the bullish view that GBP/USD is heading to 1.6 psychological level. But outlook is other dollar majors is relatively unclear. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5738; (P) 1.5799; (R1) 1.5905; More... GBP/USD rises further to as high as 1.5890 so far today and intraday bias remains on the upside for 1.5991 resistance first. As noted before, correction from 1.5991 is likely finished at 1.5602. Break there will confirm resumption of whole rebound form 1.5234 and should target 1.6165 key cluster resistance (61.8% retracement of 1.6746 to 1.5234 at 1.6168). But still note that again that as long as 1.6165 holds, whole decline from 1.6746 is in favor to extend. On the downside, below 1.5818 minor support will turn bias neutral first. But we'll now stay cautiously bullish as long as 1.5602 support holds and expect another rally even in case of retreat. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: Fresh demand from model funds pushed sterling higher in London session and offers at 1.5860-65 were filled (some stops at 1.5870 were also tripped), however, offers are still noted at 1.5900 and also 1.5940-50 with bigger stops placed above 1.5950, followed by mixture of offers and stops located at 1.5995-00. On the downside, bids are lined up from 1.5850 down to 1.5820 with some stops placed below 1.5810-15, fresh demand from Eastern European and Middle East names are likely to emerge around 1.5780 and 1.5755-60 with stops building up below 1.5740. | |||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9085Although dollar’s selloff after breaking support at 0.9202 suggests the fall from 0.9335 is still in progress and may bring further weakness to 0.9141 and possibly 0.9100, loss of downward momentum should prevent sharp fall below previous support at 0.9072 and bring another rebound later. A breach of 0.9202 (previous support) would suggest low is possibly formed and bring test of the lower Kumo Trade Idea: EUR/JPY – Buy at 107.65Despite rising briefly to 110.15, lack of follow through buying on break of early resistance at 109.95 and current retreat suggest consolidation would be seen and pullback to 108.55-60 would be seen, however, renewed buying interest should emerge around previous support around 107.51 and bring another rally later. A break of said resistance would extend recent rise to 110.40-50, then 110.90-00 later. 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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