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Mid-Day Report: Consolidations Continue as Dollar Lacks Strength in RecoveryDollar is trying to recover against other major currencies as global retreats to consolidate last week's gains. Nonetheless, strength in the greenback is so far quite weak. Economic data released today provided little inspiration. US empire state manufacturing index dropped more than expected to -10.4 in September. Canadian international securities transactions missed expectation at CAD 6.67b. Eurozone trade surplus narrowed to EUR 7.9B in July while current account surplus narrowed to EUR 9.7b. New Zealand Westpac consumer sentiment improved to 102.5 in Q3. UK rightmove house prices dropped -0.6% mom in September. US stock futures point to a flat opening and it seems more consolidation would be seen for the rest of the day. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9220; (P) 0.9288; (R1) 0.9338; More... Intraday bias in USD/CHF remains on the downside and the fall from 0.9971 is still in progress. Such decline should extend through 0.9 psychological level to 0.8930 key level next. On the upside, break of 0.9420 minor resistance is needed to indicate short term bottoming. Otherwise, outlook will stay bearish even in case of recovery. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency rose again around New York opening and some offers at 1.3165-70 were filled, defensive offers are still noted at 1.3175-80 (related to 1.3180 barrier) and also ahead of next barrier at 1.3200 with more buy stop orders above there but fresh offers should emerge further out at 1.3240-50. On the downside, bids from various parties are lined up at 1.3080-90 with stops building up below 1.3075, more buying interests are tipped at 1.3050 and further out at 1.3020-30 with more stop orders building up below 1.2990-00. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell 0.9355Despite yesterday’s brief retreat to 1.6071, renewed buying interests quickly emerged there and cable has rallied from there on dollar’s broad-based weakness after QE3, suggesting recent upmove is still in progress and further gain to 1.6255-60 and possibly 1.6280 would be seen, however, near term overbought condition should limit upside to 1.6300-10 and price should falter below 1.6330-40, risk from there is seen for another retreat later. Trade Idea: EUR/JPY – Buy at 101.75Last week’s late surge adds credence to our bullish view that recent upmove from 94.12 is still in progress for a stronger correction of early decline to 103.40-50, then towards 103.90-00, however, near term overbought condition should prevent sharp move beyond latter level and reckon 104.82 (61.8% Fibonacci retracement of 111.43-94.12) would remain intact, risk from there is seen for a strong retreat later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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