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| Action Insight Market Overview | Markets Snapshot |
Mid-Day Report: Euro Back Under Pressure after Volatility, Markets Dissatisfied with ECBMuch volatility was seen in the markets on ECB press conference after the bank kept the key interest rate unchanged at 0.75% historical low. Sentiments were given a boost after ECB President Draghi said that it's "unacceptable" that surging bond yield could throw the future of euro into question and that "need to be addressed in a fundamental manner." And Draghi urged governments to "stand ready to activate the EFSF in bonds markets" while ECB "may undertake outright open-market operations." As for the plan, he said that the Governing Council "will consider further non-standard monetary policy measures according to what is required to repair monetary policy transmission" and will "design the appropriate modalities" in the coming weeks. Markets are clearly then dissatisfied with ECB's lack of concrete action. EUR/USD reversed earlier gain and is back below 1.22 level at the time of writing. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9734; (P) 0.9769; (R1) 0.9798; More... Despite a sharp dip to 0.9690, USD/CHF quickly recovered back into established range. The development suggests that more consolidations would be seen in near term. Intraday bias remains neutral. Note again that 0.9971 should at least be a short term top and hence, upside attempt should be limited below this level. Below 0.9690 will bring deeper decline to 38.2% retracement of 0.8930 to 0.9971 at 0.9573 first. |
| Special Reports |
The Fed Left Policy Setting Unchanged, Kept Interest Rates Low Until Late 2014The FOMC meeting was a rather disappointing one as policymakers failed to deliver any new measures to boost the deteriorating economy. While we had anticipated that the Fed would be refrained from announcing QE3 in August, we thought it would at least extend the low rate guidance to 2015. Yet, the Fed decided to leave it unchanged. Policymakers were maintaining easing bias but few changes were found in the languages of the accompanying statement. We expect the Fed was still gauging the impacts of the operation twist which was extended last month. We maintain our view that the QE3 will be announced at the next meeting. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency surged to as high as 1.2406 as ECB kept rate unchanged and stops above option barrier at 1.2400 were triggered, euro quickly ran into heavy offers above figure and reversed intra-day rally on disappointing Draghi's press conference (no measures were announced and rate cut was being discussed in the meeting). At the moment, bids and stops at 1.2200-10 were cleared and stops below 1.2170 are now in focus, more stops are placed below 1.2150 but mixture of bids and stops is tipped further out at 1.2100-10. On the upside, offers are now seen at 1.2240-50 as well as 1.2290-00 with some stops expected above 1.2340-50, followed by bigger sell orders at 1.2390-00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Buy at 0.9765Outlook is similar to euro, despite intra-day brief selloff to 0.9685, lack of flow through selling on break of previous support at 0.9696 and current sharp rebound signal market is rejecting this low and consolidation with upside bias is seen for test of previous support at 0.9869, break there would suggest the fall from 0.9972 has ended and bring further gain towards resistance at 0.9910 but above this level is needed to retain bullishness. Trade Idea: AUD/USD – Buy at 1.0390As aussie has retreated after yesterday’s marginal rise to 1.0543, suggesting minor consolidation below this level would be seen and although near term mild downside risk is seen for retracement to 1.0430-35, reckon 1.0380-90 would limit downside and bring another rise later, a break of said resistance would extend recent upmove from 0.9581 to 1.0558 (previous resistance) and possibly 1.0590-00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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