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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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| Action Insight Weekly Report | Markets Snapshot |
Markets Range Bound Last Week But Consolidations May Not Last LongFinancial markets were basically engaged in consolidation last week as the boost from ECB's OMT and Fed's QE3 faded. Much volatility was seen in the Japanese yen though as BoJ followed and expanded its stimulus program. Sterling was the relatively stronger one as it attempted to break through 1.63 key resistance level against dollar but failed. In stocks, DOW and FTSE traded in tight range below prior week's high even though DAX managed to break through on Friday. The CRB commodity index, however, retreated sharply after from prior week's high of 321.36 to close at 308.98 but that provided not much support to the greenback. After all, some more consolidations would likely be seen this week but that shouldn't last long. We'd anticipate Euro's rally to resume soon together with risk markets. |
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| Featured Technical Report | |
USD/CHF Weekly OutlookUSD/CHF continued to consolidate above 0.9238 last week. Initial bias remains neutral this week for more sideway trading. Stronger recovery cannot be ruled out. But upside should be limited by 0.9502 support turned resistance, (38.2% retracement of 0.9971 to 0.9238 at 0.9518). As noted before, while some more consolidative trading could be seen above 0.9238, a downside breakout is anticipated eventually. Below 0.9238 should send USD/CHF through 0.9 psychological level to 0.8930 key support next. |
| Special Reports | ||
BOJ Speeds Up Easing, Expands Asset Purchases After ECB And FEDThe BOJ accelerated the pace of monetary easing by doubling the size of asset purchases, in addition to leaving the uncollateralized overnight call rate at around 0 to 0.1%. Slowdown in global economic growth and recent tensions between China and Japan over territorial dispute are expected to delay Japan’s recovery as exports growth would be affected. According to the central bank, the move is expected to 'help ensure that Japan's economy resumes a sustainable growth path with price stability'. The move came in earlier than market expectations, sending Japanese yen lower, and Nikkei stock index and cash bonds higher. | ||
| Suggested Readings | ||
The Week in Review and Outlook | ||
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