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Mid-Day Report: Swiss Franc Rebounds on Disappointing Measures from SNBAlthough the Swiss franc fell briefly to 0.8020 against the greenback earlier today in Asia, the franc rebounded quite sharply across the board as traders found the measures announced by SNB disappointed. Markets had been hoping for the Swiss authorities to provide thorough measures after the meeting but the Swiss central bank only announced that it would boost liquidity by expanding sight deposits from 120 billion francs to 200 billion. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.6358; (P) 1.6417; (R1) 1.6512; More. GBP/USD rises to as high as 1.6532 so far today and intraday bias remains on the upside. Break of 1.6546 resistance will affirm the bullish case that correction from 1.6746 has finished with three waves down to 1.5780 already and should send GBP/USD through 1.6746 resistance next. On the downside, below 1.6348 minor support will turn bias neutral and bring consolidations. But near term outlook will remain cautiously bullish as long as 1.6110 support holds. |
| Special Reports |
BOE Voted Unanimously To Keep Rates Unchanged, First Time Since May 2010The BOE minutes for the August meeting turned out to be more dovish than expected as 2 hawks, Spencer Dale and Martin Weale, stopped pushing for a rate hike, making the decision to hold the Bank Rate unchanged at 0.5% unanimous for the first time since May 2010. Adam Posen continued to favor expanding the asset-buying program by +50B pound to 250B pounds. The pound slid after the minutes as it's increasingly likely that the central bank will adopt further easing. France And Germany Rejected Joint Eurobonds, Focused On Economic IntegrationThe Franco-German summit failed to deliver any feasible measures to contain the sovereign crisis in the near-term. The 2 nations ruled out joint issuance of Eurobonds for now and rejected expansion of the 440B-euro EFSF. Instead, the leaders pledged to defend the single currency and proposed new tax rules. The plan to tax financial transaction sent the euro and equities lower. |
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Trade Idea Update: USD/CHF – Sell at 0.7920Dollar’s retreat after intra-day brief rise to 0.8020 suggests a temporary top has been formed there and consolidation with downside bias is seen for a test of 0.7770-73 (previous support and current level of the Ichimoku cloud bottom), break there would add credence to this view and correction of recent rise to 0.7720 and then 0.7700 (38.2% Fibonacci retracement of 0.7181 to 0.8020) would be seen, however, reckon 0.7655/60 (38.2% Fibonacci retracement of 0.7068 to 0.8020) would limit downside Trade Idea Update: GBP/USD – Buy at 1.6380Despite intra-day rally to 1.6532, as the British pound has retreated from there, suggesting consolidation would be seen and pullback to the Kijun-Sen (now at 1.6439) would be seen, however, reckon downside would be limited to 1.6380 and intra-day support at 1.6350 should hold, bring another rise later. A break of said resistance would extend recent upmove to previous resistance at 1.6547 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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