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Mid-Day Report: Euro Lower as Italian Yield Jumps, Swiss Fall after CPIEuro weakens broadly today as markets' focus are shifting from Greece to Italy. Italian 10 year yield jumped to new Euro-era high of 6.67% today so far. ECB stepped in to buy bonds through the Securities Market Progamme but that provides little support to Italian government debts so far. There were rumors of PM Berlusconi's resignation but was denied. Nonetheless, there are much doubt on how long Berlusconi could hold on to power. Berlusconi as his parity will face a confidence vote this week. At this point, Berlusconi insisted there there is no need get bailout from the EFSF. But Italy has agreed to being monitored for austerity measures implements and IMF officials will visit the country week. Things should be prepared if the confidence on Italy deteriorates further. |
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| Featured Technical Report | |
GBP/USD Mid-Day OutlookDaily Pivots: (S1) 1.5961; (P) 1.6012; (R1) 1.6079; More. GBP/USD edges higher to 1.6078 but lacks follow through buying. It's staying in consolidation from 1.6165 and intraday bias remains neutral for more sideway trading. Another fall cannot be ruled out yet but we'd continue to expect downside to be contained by 1.5631/5851 support zone and bring another rise. Above 1.6165 should extend the rebound form 1.5271 towards 1.6618 resistance next. Nevertheless, break of 1.5631 will indicate that rebound from 1.5271 has finished and should bring retest of this low. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchCHF: The greenback rallied again against the Swiss franc and triggered stops above 0.8970 and 0.9000, price then surged to as high as 0.9031 in part due to the release of lower-than-expected Swiss CPI data, however, the pair then retreated from there on selling by Middle East names and more selling interest is tipped at 0.9050 and further out at 0.9080/85 with more stops seen above there. On the downside, bids are still noted at 0.8945/50 and also at 0.8900-10 (cross-related) with some stops placed below 0.8890 and 0.8870 (sizeable), however, decent demand remains at 0.8830 and 0.8800. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: USD/CHF – Buy at 0.8910Despite intra-day rise to 0.9031, as the greenback has finally retreated, suggesting minor consolidation would be seen and pullback to the Kijun-Sen (now at 0.8921), reckon renewed buying interest would emerge around 0.8900-10 and bring another rise later. A break of said resistance would extend the rise from 0.8568 to 0.9050/55 but previous resistance at 0.9082 should hold on first testing Trade Idea: EUR/JPY – Buy at 105.20The single currency has remained confined within near term established range and although the sharp retreat from 111.57 may bring another test of 106.49 support, as this move from 111.57 is viewed as retracement of the rise from 100.77, downside should be limited to 106.15/20 (50% Fibonacci retracement of 100.77-111.57) and reckon 104.90 (61.8% Fibonacci retracement) would hold, bring another rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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