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| Action Insight Weekly Report | Markets Snapshot |
Mid-Day Report: Euro Recovery Lost Steam, But Stays in RangeEuro's recovery lost some steam today and retreated mildly in European session. Economy of Spain is expected to continue contraction in Q2, as Finance Minister Luis de Guindos noted today. He said that Spain would perform in a "relatively similar behavior" to the first quarter and GDP could contract by -0.3% qoq rate. Though, de Guindos affirmed that the country would meet its deficit target and " there is a commitment from the autonomous communities and the central administration to correct the public deficit". On the other hand, Spanish prime minister Mariano Rajoy said over the weekend that banks in the country don't need European rescue in spite of recent downgrades. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9357; (P) 0.9428; (R1) 0.9471; More.... Consolidation from 0.9499 is still in progress and deeper retreat could be seen to 4 hours 55 EMA (now at 0.9358) and below. But downside is expected to be contained by 38.2% retracement of 0.9041 to 0.9499 at 0.9324 and bring another rally. Above 0.9499 will extend rise from 0.9041 to target 0.9594 high next. |
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Orders and Options Watch | ||||||||||||||||||||||||||||
US Session: Orders and Options WatchCHF: The greenback has staged a relatively strong rebound on improved risk sentiment and offers at 0.9420-25 were filled, however, more selling interests from European names are still noted at 0.9445-50 and further out at 0.9470, followed by mixture of offers and stops located at 0.9500-10. On the downside, bids from Swiss names are tipped at 0.9400 and also at 0.9370-80, larger size buy orders are reported at 0.9340-50 with stops placed below 0.9325-30 and 0.9300. | ||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Hold long entered at 0.9380Despite intra-day brief fall to 0.9375, as the greenback has rebounded after holding above indicated previous resistance at 0.9372, retaining our bullishness and consolidation with upside bias remains for rebound to 0.9445-50, break there would suggest intra-day low is formed and bring test of the Ichimoku cloud (now at 0.9457-69) but break there is needed to signal the correction from 0.9500 has ended and bring retest of this level later. Trade Idea: EUR/JPY – Sell at 102.70Despite Friday’s selloff to 100.22, as the single currency has staged a strong rebound from there, suggesting consolidation would be seen and retracement to 102.00 cannot be ruled out, however, upside should be limited to previous resistance at 102.71 and bring another decline. Below 100.80/85 would suggest the rebound from 100.22 has ended and bring a retest of this level Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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Fundamental Highlights
Technical Highlights | ||||||||||||||||||||||||||||
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