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Mid-Day Report: GBP/USD Pressing 1.63 Resistance, Consolidations Continue ElsewhereSterling was the major mover today in consolidative markets. GBP/USD edged higher after smaller than expected public sector net borrowing figure, at GBP 12.4b, in August. But it is facing some resistance from 1.63 level for the moment and struggled to get through. Canadian inflation data showed CPI dropped more than expected to 1.2% yoy in August while core CPI moderated to 1.6% yoy. But dollar had little reaction. Euro attempted to recover on Spanish bailout talk, but again, there was no follow through buying. Major pair and crosses would likely stay in familiar range to close the week. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6176; (P) 1.6204; (R1) 1.6232; More... Intraday bias in GBP/USD remains on the upside for the moment. Sustained break of 1.6300 key resistance level will have have larger bullish implication and would target 1.6618/6746 resistance zone next. On the downside, below 1.6163 minor support will turn bias neutral and bring more consolidations. But after all, downside should be contained above 1.5912 support and bring rally resumption. |
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Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency rebounded in European session and has continued to trade with a choppy manner ahead of weekend. At the moment, selling interests from European names and funds are still noted at 1.3050 with some stops placed above there but more offers are expected at 1.3075-85 with stops building up above 1.3060 and 1.3090-00. On the downside, buying interests from Asian and Middle East names remain at 1.2950-60 and also at 1.2920-30 with stops building up below 1.2920 and 1.2900, followed by mixture of bids and stops in good size further out at 1.2850-60. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Buy at 0.9270Dollar’s retreat after faltering below yesterday’s high of 0.9356 suggests near term downside risk remains for marginal weakness, however, still reckon support at 0.9255-60 would limit downside and bring another rebound later, above said resistance would add credence to our near term bullishness for correction of recent decline to 0.9360-65 (50% Fibonacci retracement of 0.9484-0.9240), then towards 0.9300-00 (61.8% Fibonacci retracement) but still reckon previous resistance at 0.9424 would hold Trade Idea: EUR/JPY – Sell again at 102.50Despite yesterday’s anticipated fall to 100.95, as euro has rebounded after holding above this support today, suggesting consolidation would be seen and recovery to 102.00 and if our view that a temporary top formed at 103.85 is correct, upside should be limited to 102.50-60 and bring another decline later, a break of said support would add credence to our bearishness for the fall from 103.85 to correction of recent rise to 100.70-75 (38.2% Fibonacci retracement of 95.72-103.85) and possibly towards 100.13 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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