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Mid-Day Report: Euro Soft in Tight Range after Weak PMIsEuro remains soft in tight range today and lacks momentum for a recovery. The common currency continues to be weighed down by worries on Spain, Greece, and economic outlook of the Eurozone as a whole. Spanish 10 year yield jumped further to new record high of 7.625% as the supported needed for its autonomous region pushed the country closer to a sovereign bailout, which could happen within weeks. Though, as for today, Spain is still able to push its debt out the door and sold EUR 3.05b of 3- and 6-month bills today, meeting its maximum target. Nonetheless, yield for the 3-month bill rose to 2.434%, comparing to 2.362% in June auction. Yield on 6-month bill jumped to 3.691%, comparing to 3.237% in prior auction. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9882; (P) 0.9916; (R1) 0.9945; More... Intraday bias in USD/CHF remains on the upside with 0.9872 minor support intact,Sustained break of 61.8% retracement of 1.1730 to 0.7065 at 0.9948 will have larger bullish implication and should send USD/CHF through parity. Nonetheless, we'd remain extremely cautious on reversal signal. Below 0.9872 minor support will flip bias back to the downside. Break of 0.9746 support will indicate that a short term top is at least formed and target 0.9420 support. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency retreated after meeting indicated offers at 1.2140-50 earlier today in Asia and bids at 1.2100 were filled, the pair has recovered in New York opening in part due to the release slightly weaker-than-expected U.S. manufacturing PMI data, option defensive buy orders remain at 1.2050-60 with sizeable stops placed below barrier at 1.2050 and 1.2000. On the upside, the aforesaid offers are still there with some stops seen above 1.2150-60, more offers should emerged at 1.2180-85 and also at 1.2200-10, followed by buy stop orders building up above 1.2230. A large 1.2100 option is going to expire NY cut. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9870Despite yesterday’s brief rise to 0.9951, the subsequent retreat suggests a minor top is formed there and consolidation with mild downside bias is seen for retracement to 0.9883-89 (38.2% Fibonacci retracement of 0.9773-0.9951 and current level of the Ichimoku cloud top), however, reckon 0.9862 (50% Fibonacci retracement) would limit downside and bring another rise later. A break of said resistance would extend recent upmove to 0.9952 (50% projection of 0.9463-0.9872 measuring from 0.9747), then 0.9980-85 Trade Idea: AUD/USD – Sell at 1.0340Although aussie has recovered after falling to 1.0244 yesterday, as the selloff from 1.0445 suggests a temporary top is formed, upside should be limited to 1.0345 (50% Fibonacci retracement of 1.0445-1.0244) and bring another decline later, break of said support would bring retracement of recent upmove to previous support at 1.0236, then 1.0202 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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