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Mid-Day Report: Risk Aversion Dominated on Central Bank Disappointment, Dollar and Yen JumpedDollar and yen jumped sharply on risk aversion today. There is no clear reason for the selloff in global equities market but it's believed that investors were somewhat disappointed by BoJ's actions and the FOMC minutes overnight. Perhaps that the uncoordinated rate cut by ECB and PBoC and the QE expansion by BoE raised the hope for more central bank actions, which was than dented. FOMC minutes showed policy makers were still divided on adding stimulus and were in no urgency to implement something. BoJ just tweaked it's program rather than expanded it, as some hoped for. Dollar index's break of 83.54 resistance yesterday indicated medium term up trend resumption. Follow through buying in the greenback is see today which affirm that the rally is going to continue further in near term. A key factor to watch will be tomorrow's China GDP which is expected to show sub-8% growth for the first time since 2009. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.2201; (P) 1.2249 (R1) 1.2285; More..... EUR/USD's fall re-accelerates again today and reaches as low as 1.2166 so far in early US session. Intraday bias remains on the downside for 61.8% projection of 1.3282 to 1.2287 from 1.2747 at 1.2132. Break will target 1.1875 key support level. On the upside, break of 1.2333 minor resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish even in case of recovery. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchCHF: Dollar extended recent rise to a 18-month high against the Swiss franc and option barrier at 0.9850 was tripped, Middle East names were seen buying the pair aggressively in European session, however, some offers are reported from 0.9880 up to 0.9900 (large) with more stops placed above latter level. On the downside bids from same parties are still noted at 0.9820 and also at 0.9800 with stops building up below latter level and also at 0.9760 but fresh demand from Swiss names should emerge around 0.9730-40, followed by stops building up below 0.9700-10 and 0.9680. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9745Although the greenback has continued to edge higher on dollar’s broad-based strength against European currencies and recent upmove may extend gain to 0.9875-80, loss of near term upward momentum should prevent sharp move beyond 0.9900-10 and reckon 0.9930 would hold from here, risk from there is seen for a retreat later. Trade Idea: EUR/JPY – Sell at 98.35Although euro has fallen again after brief recovery and bearishness remains for recent decline to extend weakness towards 96.30-35 and possibly 96.00, loss of near term downward momentum should prevent sharp fall from there and reckon support at 95.59 would hold, risk remains for a minor correction, above intra-day resistance at 97.90 would bring retracement to 98.35-40 where renewed selling interest should emerge, bring another decline. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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