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Daily Report: Dollar Recovers after S&P's Bank DowngradesDollar recovers mildly today as sentiments are hurt by S&P's downgrade of some world's largest financial institutions, including some big US lenders like Bank of America, Citigroup, Goldman Sachs Group, JPMorgan Chase, Morgan Stanley and Wells Fargo. Top UK banks include Barclays, HSBC holdings, Lloyds Banking Group and Royal Bank of Scotland. This is part of the progress that of rating revisions on criteria changes the rating agency announced a year ago. Earlier this month, S&P said that updated ratings would be rolled out gradually for more than 750 banking companies worldwide, starting from the biggest banks. Overall, in this revision, 15 of the largest banks were downgraded, 20 left unchanged and 2 where upgraded (Bank o China and China Construction Bank Corp). This is much worse than S&P has predicted before, a 20% drop of banks to have ratings cut. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9149; (P) 0.9196; (R1) 0.9254; More. USD/CHF recovers strongly from 0.9139 but it's still staying below 0.9330 resistance. And thus, intraday bias remains neutral and more consolidative trading could be seen. We'd continue to expect downside to be contained by 0.9107 support and bring resumption of rally from 0.8567 eventually. Above 0.9330 will turn bias back to the upside for 50% retracement of 1.1730 to 0.7065 at 0.9398 and above. However, break of 0.9107 will indicate short term topping and bring deeper decline to 0.8960 support instead. |
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European Session: Orders and Options WatchJPY: Although the greenback rebounded after finding renewed buying interest at 77.62 yesterday, dollar ran into indicated offers from exporters at 78.10 and retreated from 78.13, offers from same parties are still noted at 78.20-30 with stops building up above 78.30 and also 78.60 (78.50 offers). On the downside, bids from Japanese investors are tipped from 77.50-60 with stops building up below 77.40, followed by combination of bids and stops located further out at 77.00-10, more stops are placed below 76.80 and 76.50 option barrier. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/USD – Sell at 1.3330Current breach of yesterday’s low at 1.3286 suggests the rebound from last week’s low of 1.3213 has possibly ended at 1.3442 yesterday and consolidation with downside bias is seen for weakness to 1.3250 and possibly 1.3230, however, break of said support at 1.3213 is needed to confirm recent decline has resumed and extend weakness to 1.3200 but near term oversold condition should limit downside to 1.3170 Trade Idea: USD/JPY – Buy at 77.30Despite intra-day rebound to 78.13, as the greenback has retreated from there, retaining our view that further consolidation below 78.29 would take placed and test of yesterday’s low at 77.62 cannot be ruled out, break there would bring retracement of recent rise to previous support at 77.46, however, reckon 77.30 would limit downside and renewed buying interest should emerge there, bring another rise later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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