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Daily Report: Swiss Franc Remains Weak, USD/JPY HeavyThe greenback edged higher across the board except the Japanese currency as the yen rebounded versus most counterparts especially against the Swiss franc, CHF/JPY fell over 600 points yesterday. The franc tumbled everywhere yesterday after comments from SNB officials as they indicated the possibility of a temporary peg of euro and Swiss franc in order to curb the unstoppable rally in franc. EUR/CHF posted the biggest one-day decline in history and USD/CHF also rallied 400 points yesterday from 0.7237 to as high as 0.7689. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0187; (P) 1.0273; (R1) 1.0436; More AUD/USD continues to engage in choppy consolidations above 0.9926 and more sideway trading could still be seen. Note that in case of another recovery, we'd expect upside to be limited by 1.0526 minor resistance. On the downside, break of 0.9926 will resume the fall from 1.1079 towards channel support (now at 0.9664) and below. |
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| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: GBP/USD – Sell on break of 1.6130Although cable has retreated after faltering below intra-day resistance at 1.6244 and consolidation with mild downside bias is seen, break of 1.6130/35 is needed to signal the rebound from 1.6111 has ended at 1.6244 and bring retest of yesterday’s low at 1.6111. Once this level is penetrated, this would confirm the fall from 1.6478 top is still in progress for a stronger retracement of recent upmove to 1.6101 (100% projection of 1.6411 to 1.6176 measuring from 1.6336) and possibly towards next support at 1.6069 Trade Idea: USD/JPY – Hold long entered at 76.55Despite yesterday’s marginal fall to 76.30, the subsequent rebound suggests consolidation would be seen, however, as price has retreated again after faltering below yesterday’s high of 77.23 in part due to cross-buying in Japanese yen, suggesting another fall to said support cannot be ruled out. Having said that, as long as the record low at 76.25 holds, mild bullishness remains for another rebound later and break of said resistance at 77.23 would signal low is possibly formed Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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