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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Dollar Higher on Risk Aversion, But Strength Limited Against European MajorsAsian equities are broadly lower in response to the weak economic data from US overnight and on concern of deeper global slowdown. Investors are also lightening positions ahead of key events of ECB press conference and employment data from US later in the week. Additional pressure was seen after weaker than expected GDP report from Australia and comments from a BoJ policymakers. Dollar regained more ground against European majors but stays in familiar range so far and thus, the current development doesn't warrant a reversal yet. We're still near term bullish in EUR/USD. Meanwhile, Aussie extends it's recent decline as other major currencies and outlook in AUD/USD stays bearish. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9523; (P) 0.9544; (R1) 0.9581; More... USD/CHF's recovery from 0.9502 continues today and further rise could be seen. But note gain that with 0.9635 resistance intact, near term outlook remains bearish. That is, fall from 0.9971 is expected to resume sooner or later. Below 0.9502 will target 0.9420 key support level next. Break will have further bearish implications. Though, considering bullish convergence condition in r hours MACD, break of 0.9635 will indicate short term bottoming and bring rebound back to 0.9799 resistance first. |
| Special Reports |
Investors Awaiting Details For ECB Bond Purchase Program Likely DisappointedThe market was thrilled after news reported that ECB President Draghi has told the European Parliament that the central bank could buy government bonds with maturities of up to 3 years from debt-ridden countries in the Eurozone such that their borrowing costs would be lower. The news also drove expectations that more details of the asset purchase program would be announced after the ECB meeting due on September 6. Given further deterioration in economic outlook in the Eurozone, we expect policymakers would lower the main refinancing rate by -25 bps and revise down projections of the economic outlook. |
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Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency extended yesterday's selloff this morning ahead of Asian opening in part due to renewed concerns over eurozone debt crisis and some profit-taking ahead of ECB meeting and NFP this week, stops below 1.2550 and 1.2540 were tripped, however, bids from Asian and Middle East names should emerge around 1.2500-10, followed by bigger stops below 1.2470-80 and mixture of bids and stops at 1.2450. On the upside, offers are lowered to 1.2550 and also at 1.2570-75 with more selling interests from funds located further out at 1.2590-00, followed by option defensive offers at 1.2630-40 (related to 1.2650 barrier). | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Sell at 0.9630 or buy at 0.9540Despite yesterday’s initial fall to 0.9507, as the greenback has staged a strong rebound after holding above last week’s low at 0.9504, retaining our view that further choppy consolidation would be seen and mild upside bias remains for retracement to resistance at 0.9617, however, reckon last week’s high of 0.9635 would limit upside and bring another decline. A break of said support is needed to extend recent fall from 0.9972 top to 0.9470 but oversold condition should prevent sharp fall below there Trade Idea: GBP/USD – Buy at 1.5790Despite yesterday’s brief rise to 1.5910, the subsequent euro-led retreat has retained our view that further choppy trading below indicated resistance at 1.5912 (last month’s high) would take place and mild downside bias is seen for retracement to the Ichimoku cloud bottom (now at 1.5839) and possibly towards 1.5790-00 but support at 1.5771 should hold, bring another rise later. A break of said resistance would signal an upside break of recent 1.5754-1.5912 range has taken place Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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