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Mid-Day Report: Dollar and Yen Strengthen as Another Leg of Consolidations StartsMajor currencies are generally lower against dollar and yen as dragged down by weakness in global equities. As noted in our weekly report, last week's rally in DOW was rather weak and wasn't accompanied by an equivalent break in S&P 500. With US futures pointing to a lower opening, it's likely that markets are still in consolidative mode, at least ahead of tomorrow's Aloca earnings release. In the currency markets, it now looks like last week's dollar selloff was merely a leg in the near term consolidation pattern. That is, the downside isn't ready to resume yet. Indeed, it's rather disappointing to see EUR/USD and EUR/JPY reversing way ahead of 1.3171 and 103.86 resistance. But we'd probably seen some more downside in euro in the initial part of the week. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9270; (P) 0.9297; (R1) 0.9318; More... The sustainable recovery in USD/CHF today indicates that a temporary low is in place at 0.9274 and intraday bias is turned neutral. The development suggests that consolidation from 0.9238 is still in progress and we'd probably see another rising leg. Above 0.9398 will target 0.9438 and above. But again, we'd expect upside to be limited by 0.9502 support turned resistance, (38.2% retracement of 0.9971 to 0.9238 at 0.9518) and bring fall resumption eventually. On the downside, below 0.9274 will target 0.9238. Break will confirm resumption of whole fall from 0.9971 and should target 0.8930 key support next. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency extended Friday's fall from 1.3072 to as low as 1.2939, bids at 1.2950-60 were filled and stops at 1.2945 were tripped, however, demand from sovereign and Middle East names plus real money accounts are still noted at 1.2930 and 1.2900-10 with more stops building up below 1.2900 and 1.2870. On the upside, light offers are expected at 1.2995-00 and also at 1.3030-40, followed by combination of offers and stops located at 1.3070-80 but fresh selling interest are still seen further out at 1.3090-00 with bigger stops placed above there. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: GBP/USD – Sell at 1.6100As the British pound has remained under pressure after breaking previous support at 1.6067, suggesting recent decline from 1.6310 top is still in progress and retracement of early upmove to 1.5995-00 (38.2% Fibonacci retracement of 1.5490-1.6310) would be seen, however, near term oversold condition should prevent sharp fall below 1.5960-66 (previous support and 61.8% Fibonacci retracement of 1.5754-1.6310) but reckon 1.5912 (previous resistance) would hold. Trade Idea: EUR/JPY – Sell at 102.20Despite last week’s rally to 102.80, the subsequent sharp retreat suggests top is possibly formed there and consolidation with mild downside bias is seen for retracement of recent rise to 100.90-00, then 100.40-50, however, reckon psychological support at 100.00 would limit downside and support at 99.80 (last week’s low) should hold and bring another rise later this week. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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