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Daily Report: Dollar Mildly Higher as Risk Appetite Recedes, Busy Economic Calendar aheadDollar strengthens mildly today as risk appetite recedes with broad based weakness in Asian equities. Comments from Dallas Fed Fisher cooled speculation of further easing from Fed. Fisher is optimistic that US is "poised for growth" going into 2012 and the direction is "positive". He sees recession risks as "negligible" and he's neither worried about immediate inflation. He expects GDP to have solid growth of 2.5-3.0% in Q4. And thus, he is "not anticipating greater accommodation. This was in sharp contrast to Bernanke's earlier comments that the pace of recovery will be "frustratingly slow" |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.8998; (P) 0.9045; (R1) 0.9129; More. USD/CHF recovers further to as high as 0.9115 so far today but is still kept below 0.9152 resistance. Intraday bias remains neutral and more consolidations could still be seen. But after all, rise from 0.8567 is expected to continue as long as 0.8922 minor support holds. Break of 0.9152 will turn bias to the upside for 0.9315 first. However, note that break of 0.8922 will signal that recovery from 0.8567 is finished. In such case, intraday bias will be flipped back to the downside. Further break of 0.8761 support will likely resume the fall from 0.9315. |
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European Session: Orders and Options WatchJPY: The greenback gained ground again on safe-haven demand due to renewed eurozone debt crisis concerns (Italian and Spanish bond yields surged again yesterday), dollar jumped this morning on active buying by a big U.S. name and stops above 77.50 were triggered, however, selling by Japanese margin accounts and exporters quickly emerged and the pair slipped back to low 77.00 level. After tripping barrier at 77.00 and stops at 76.90 yesterday, order books are relatively light, cross-related offers from same parties are still noted at 77.25-30 and further out at 77.50-55 whilst bids are tipped from just below 77.00 down to 76.80 with sizeable stops remain below 76.70 but more buying interest should emerge around 76.50 where another barrier is located. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/USD – Buy at 1.3555Although the single currency has remained under pressure and the decline from 1.3815 (yesterday’s high) may extend one more fall towards 1.3550, loss of near term downward momentum should prevent sharp fall below there and bring a rebound later, above 1.3641-47 (intra-day high and current level of the Ichimoku cloud bottom) would bring test of the Kijun-Sen (now at 1.3676) but as broad outlook is still consolidative, upside should be limited Trade Idea: USD/CHF – Buy at 0.9050As the greenback has continued to move higher and indicated resistance at 0.9090 was penetrated, adding credence to our view that correction from 0.9153 has ended at 0.8954 and a retest of said resistance at 0.9153 would be seen, however, break there is needed to confirm recent rise from 0.8568 has resumed and extend gain to 0.9190-00 which is likely to limit upside and price should falter well below 0.9240/50. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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