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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Risk Aversion Dominates but Currency Markets SteadyRisk aversion continues to dominate markets on Spain's situation even though that's not being reflected in the currency markets. Spain's 10 year benchmark yield is pressing 6% and would like continue to rise today. Prime minister Rajoy said that there a "a good part of Spain' future is at stake" and "the problem is that the markets can lend or decide not to lend". Economic minister Luis de Guindos noted that recession could be deeper than expected and Spain's central bank chief warned that banks may need additional capital if the recession deepens. While it's being ruled out by Spanish officials, markets are worrying that Spain will eventually need to follow Greece, Ireland and Portugal to seek a bailout. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9149; (P) 0.9180; (R1) 0.9214; More..... Intraday bias in USD/CHF remains neutral for the moment as consolidation from 0.9222 temporary top continues. Another rise remains mildly in favor with 0.9143 minor support holds and above 0.9222 will target a test on 0.9333 first. Break will confirm resumption of rebound from 0.8930 and should target 0.9594 and above. Though, below 0.9143 will flip bias back to the downside and break of 0.9001 will target 0.8930 support. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchGBP: The British pound has rebounded as well in London morning in part due to early release of UK sales data, offers at 1.5885-90 from UK clearer were filled but sell orders from same parties are still noted at 1.5920-30 with stops placed above 1.5935-40 but fresh selling interests should emerge around 1.5970-80 and 1.6000. On the downside, bids from Asian names and short-term specs are tipped at 1.5850-60 and also in good size from Middle East names at 1.5800-10 with stops building up below 1.5800. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Hold short entered at 1.5915Despite yesterday’s fall to 1.5808, as cable has staged a strong rebound after holding above previous support at 1.5805, suggesting further consolidation would be seen, however, as long as resistance at 1.5931 holds, bearishness remains for another decline, below the Kijun-Sen (now at 1.5869 would suggest the rebound from 1.5808 has ended and bring another test of 1.5805-08 support. Trade Idea: USD/CHF – Hold long entered at 0.9175Despite yesterday’s rebound to 0.9211, as the greenback has retreated again after faltering below last week’s high of 0.9222, suggesting further consolidation would be seen and indicated support at 0.9145-47 needs to hold to retain prospect of another rise later and a break of said resistance at 0.9222 would signal the upmove from 0.9002 low has resumed and extend further gain towards previous resistance at 0.9254 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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