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Mid-Day Report: Swiss Franc Weakens as SNB Jordan Reversed CommentsSwiss Franc weakens sharply today after SNB Vice President Jordan reversed his earlier comments. Jordan said it's wrong for SNB to engage in competitive devaluation. Also, Jordan is suddenly optimistic that once European debt crisis subsides, safe-have flows to Swiss Franc will ease and the currency will weaken automatically. This is in sharp contrast of his earlier comments that pressure on franc will "remain for a while" as eurozone debt crisis "probably won't disappear" soon. Also, the comment reduces speculation that SNB is going to raise the floor of EUR/CHF to 1.25 or eve 1.3 level. Technically, EUR/CHF failed recent resistance of 1.2472 and would likely weakens back towards 1.21 level as recent consolidations continue. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8776; (P) 0.8840; (R1) 0.8912; More. USD/CHF's sharp fall suggests that a temporary top is formed at 0.9067 and intraday bias is turned neutral. Another rise remains in favor as long as 0.8761 minor support holds. Break of 0.9082 resistance will confirm that correction from 0.9315 is finished with three waves down to 0.8567 already. Also, this will indicate that recent rebound from 0.7065 is resuming. Further break of 0.9315 will target 61.8% projection of 0.7710 to 0.9315 from 0.8567 at 0.9559 next. Though, break of 0.8761 will dampen this bullish view and turn bias back to the downside for 0.8567 and below to extend the fall from 0.9315. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchGBP: The British pound rose again to a 1-week high of 1.6100 in London trading in part due to the release of slightly better-than-expected UK manufacturing and production data, however, offers from short-term specs and Asian CBs are reported at 1.6100-20 region and mixture of offers and stops is located at 1.6140-50 with bigger stops placed above 1.6170. On the downside, bids from big corps and Eastern European names are noted at 1.6030/35 and further out at 1.6000-10 with stops building up below 1.5970-80 but sizeable stops only emerging below 1.5940. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/JPY – Buy at 77.60As the greenback has continued to move lower, retaining our view that near term downside risk remains for weakness to support at 77.89, however, as outlook remains consolidative, downside should be limited to 77.55/60 and bring another rebound later for test of minor resistance at 78.42. Looking ahead, a break there is needed to suggest the retreat from 79.10 has possibly ended and bring a stronger rebound to 78.75/80 Trade Idea: USD/CAD – Buy at 1.0080Despite last week’s rise to 1.0229, the subsequent retreat suggests consolidation with mild downside bias would be seen, however, support at 1.0055 should contain downside and bring another rise later. A break of said resistance would add credence to our view that decline from 1.0658 has formed a low at 0.9892 (as A leg trough), bring a stronger rebound in B wave for a stronger retracement of the fall from 1.0658 to previous resistance at 1.0264. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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