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Mid-Day Report: Euro Remains Soft ahead of EcoFin MeetingEuro remains soft head of the closely watched EcoFin meeting in EU. The key focuses are whether there would be details agreed on European banking supervision, which is in turn a prerequisite to using ESM to recapitalize banks directly. An immediate solution is needed as Spanish 10 year yield is back above the 7% unsustainable level. It's reported that the plan might involve creation of a new agency within ECB for supervising 25 of Eurozone's largest banks. Other smaller banks will be supervised by national regulators, which in turn be under control of a regional body. In any case, markets are keenly awaiting something solid from European leaders, even though expectation is rather low for the moment. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9703; (P) 0.9748; (R1) 0.9819; More..... Intraday bias in USD/CHF remains on on the upside and current rise, which is part of the rally from 0.8930, should extend to 0.9916 key resistance level. We'll be cautious on reversal signal there. On the downside, below 0.9682 minor support will turn bias neutral and bring consolidations first. But near term outlook will stay bullish as long as 0.9462 support holds. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency recovered in European session on buying by option players (related to 1.2300 expiry), offers from European names lined up from 1.2320 up to 1.2350 (large) and some stops are placed above 1.2370 but fresh offers from funds are tipped further out at 1.2400-10. On the downside, some bids are still noted at 1.2270 and mixtures of bids and stops are located at 1.2250 and also at 1.2220-30 with larger stop sell orders expected around 1.2200. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9680Despite intra-day initial brief rise to 0.9825, the subsequent retreat suggests a minor top is possibly formed there and consolidation with mild downside bias is seen, below 0.9750 would bring retracement to previous resistance at 0.9715 but reckon 0.9687-91 (previous support and current level of the Ichimoku cloud top) would attract renewed buying interests, bring another rise later. Trade Idea: EUR/JPY – Sell at 99.00Last week’s selloff has turned outlook bearish and suggests the correction from 95.59 has ended at 101.63 last month, hence consolidation with downside bias is seen for weakness to 97.00-05, however, a daily close below there is needed to add credence to this view and extend fall to 96.70-75 but reckon said support would hold on first testing, risk from there is seen for a rebound later. 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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