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Mid-Day Report: Euro Pressured on Spain Worries, Dollar RecoveredEuropean major currencies and equities are under much selling pressure today on concern on Spain as it's benchmark 10 year yield rose to highest level since early December and is heading to break 6% level. Spanish prime minister Rajoy unexpected revised yesterday an additional EUR 10b austerity package, less than a week after presenting the most austere budget in three decades to the parliament. But that provide little comfort to investors, who worried that Spain would be the next countries in the Eurozone that would need bailout. Adding to that, there were talks of lack of ECB buying and speculation that the asset purchase program has even stopped in mid February already. Spanish yield spread with German bunds also rose to highest level since last November. Markets are also cautious ahead of Thursday's Italy BTP auction after last week's poor Spain auction. |
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| Featured Technical Report | |
EUR/JPY Mid-Day OutlookDaily Pivots: (S1) 106.17; (P) 106.71; (R1) 107.30; More EUR/JPY's correction from 111.43 extends today buy taking out 106.11 minor support and reaches as low as 105.96 so far. Intraday bias is back on the downside and deeper decline could be seen. But as long as 105.64 support holds, we'd still slightly favor the case for rebound from 97.03 to extend. Above e 107.47 minor resistance will indicate that pull back from 111.43 is finished and will flip back to the upside for retesting this resistance. However, sustained break of 105.64 will pave the way to 61.8% retracement of 97.03 to 111.43 at 102.53 and below. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchCHF: Although the greenback retreated from intra-day high of 0.9211 (after faltering below last week's high of 0.9222), the pair has rebounded in part due to comments from SNB chairman to reaffirm the central bank's EUR/CHF peg at 1.2000. At the moment, bids from Swiss names are still noted at 0.9145-50 with stops building up below 0.9140 and mixture bids and stops remains at 0.9090-00 with more stops placed below 0.9070. On the upside, sizeable offers remain at 0.9210-20 with stops placed above 0.9230 and also at 0.9255-60. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Hold long entered at 0.9175Although the greenback staged a brief rise to 0.9211, as dollar has retreated after faltering below last week’s high of 0.9222, suggesting further consolidation would be seen, however, as long as support at 0.9145-47 holds, prospect of another rise remains. A break of said resistance would signal the upmove from 0.9002 low has resumed and extend further gain towards previous resistance at 0.9254 Trade Idea: AUD/USD – Sell at 1.0450Aussie’s recovery after falling to 1.0243 last week suggests consolidation would be seen and retracement to 1.0390-00 cannot be ruled out, however, resistance at 1.0470 should cap upside and bring another decline later. A break of said support would extend recent decline from 1.0857 top to 1.0200, however, near term oversold condition should limit downside to previous support at 1.0145 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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