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Daily Report: Dollar Lower as Stocks Extending Rebound, Swiss Dives, ECB and BoE AwaitedThe greenback slips mildly as markets are continuously being supported by European bank recapitalization talk. DOW rebounded another 131 pts overnight and is followed by broad based rally in Asian equities. Dollar index retreated further from intraday week high of 79.83 and is likely heading lower back towards 78. EUR/USD is staying firm above 1.33 level for the moment as markets are awaiting ECB rate decision and press conference. Meanwhile, the pound falls behind other major currencies and is notably weaker on speculation of more QE from BoE. The Swiss Franc, dives sharply as markets speculation that SNB is going to raise the floor of EUR/CHF to 1.3 intensifies. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9171; (P) 0.9210; (R1) 0.9270; More... USD/CHF's break of 0.9261 resistance suggests that recent rally has resumed and intraday bias is back on the upside for 161.8% projection of 0.7065 to 0.8246 from 0.7710 at 0.9621 next. On the downside, below 0.9146 minor support will turn bias neutral and bring consolidations. But after all, break of 0.8917 is needed to confirm short term topping. Otherwise, outlook will remain bullish in near term. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchJPY: Despite rising briefly to 77.07 yesterday, indicated heavy offers from exporters capped dollar’s upside again and the greenback has retreated from there as traders squared their longs ahead of BOJ meeting. At the moment, offers from exporters and option players (related to 77.15 and 77.25 expires totally 200 mln) are still seen at 77.00-10 with mixture of offers and stops remains 77.30-40. On the downside, bids from Japanese investors and margin accounts are still noted at 76.50-60 and further out at 76.20-30 with stops remain below 76.10, 76.00 option barrier and 75.90. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Buy at 0.9150Although current breach of previous resistance at 0.9261 confirms recent upmove has resumed and further gain to 0.9320 (50% projection of 0.8918-0.9261 measuring from 0.9148), loss of upward momentum should prevent sharp move beyond previous resistance at 0.9341 and reckon 0.9360 (61.8% projection) would hold from here and risk from there is seen for a correction later. Trade Idea: USD/JPY – Buy at 76.35Despite yesterday’s brief rise to 77.07, as the greenback has retreated sharply from there after running into heavy offers from exporters, retaining our view that further choppy trading would take place and another retreat cannot be ruled out, however, support at 76.34 should limit downside and support at 76.10 should hold, bring another rebound later. Only a break of resistance at 77.27-34 would retain bullishness, then the greenback should stage another leg of major correction from record low of 75.94 for further gain to 77.60 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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