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| Action Insight Weekly Report | Markets Snapshot |
Daily Report: Dollar Index Rebound as Risk Markets Weaken, Double Bottom FormedRisk markets attempted to rebound earlier today on China manufacturing data but failed to sustain gain so far. Nikkei closed nearly flat after initial rise to 8830 intraday high. Dollar index is trying to form a double bottom and could head back towards 80 psychological level should risk markets pull back further. Euro is generally soft, in particular in crosses against sterling and Aussie. Positive headlines about Greece provides little support to the common currency. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9140; (P) 0.9184; (R1) 0.9246; More... USD/CHF's consolidation from 0.9114 is still in progress and is pressing 4 hours 55 EMA for the moment. Stronger recovery cannot be ruled out. But again, we'd expect upside to be limited by 38.2% retracement of 0.9594 to 0.9114 at 0.9297 and bring fall resumption. As noted before, considering bearish divergence condition in daily MACD, whole rebound from 0.7065 is possibly finished. Break of 0.9065 support will target 0.8567 key support to confirm the bearish case. |
| Special Reports |
2012 Forecast: AUD Boosted By Speculations Over Fed's QE3 In The Near-TermThe dovish January FOMC statement thrilled investors and boosted higher-yield currencies. Australian dollar was one of the beneficiaries. AUD soared against USD after the Fed pushed back the first expected rate hike to late-2014, from mid-2013 as projected in previous statements. Moreover, renewed speculations on QE3 have boosted AUD as well as other cyclical currencies. Australian dollar is expected to rise further in the near-term amid rising likelihood of monetary easing. In the medium- term, AUD will likely trade sub-parity against the USD but upside risks remain there for the commodity currency and any accommodative policy from China should help push the currency higher. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchGBP: Although the British pound continued to move higher yesterday throughout Asian and London sessions, cable retreated from the high of 1.5798 in New York also on risk aversion, speculations on expansion of QEP also put pressure on sterling and stops below 1.5745-50 were triggered, however, buy orders from Middle East and Asian names are reported further out at 1.5700 with mixture of bids and stops seen further out at 1.5640-50. On the upside, cross-related offers by funds are noted at 1.5770 and also 1.5795-05 with stops seen above 1.5810 and 1.5850. Traders are closely watching the release of UK Jan PMI manufacturing data at 09:30GMT. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Target met and buy again at 0.9170Despite yesterday’s initial fall to 0.9123, the subsequent anticipated rebound has justified our bullishness (our long position entered at 0.9140 met indicated target at 0.9240 with 100 points profit), the subsequent breach of 0.9228-36 resistance adds credence to our view that temporary low has been formed at 0.9112 and consolidation with upside bias remains for retracement of recent decline to 0.9289 Trade Idea: EUR/USD – Target met and look to sell again on recoveryThe single currency ran into renewed selling interest at 1.3213 and tumbled from there in line with our expectations, our short position entered at 1.3180 met indicated target at 1.3080 (with 100 points profit) and the breach of indicated support at 1.3077 reinforces our view that top has been formed at 1.3233, hence consolidation with downside bias is seen for retracement of recent rise from 1.2624 to 1.3000 (38.2% Fibonacci retracement of 1.2624-1.3233) and possibly to 1.2970 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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