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Mid-Day Report: Markets Steady after ISM, Spain & France Bond AuctionsMarkets remains steady today on the back of positive Spain and France bond auction. Also, ISM manufacturing data posted stronger than expected gain form 50.8 to 52.7 in November. Strong improvement is seen in production component (from 50.1 to 56.6), new orders (52.4 to 56.7). However, the positive report was darkened by deterioration in the employment component which dropped from 53.5 to 51.8. The price paid component rose to 41.0 to 45.0. US stocks are nearly flat since open. Dollar consolidates yesterday's sharp loss and remains in tight range. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9047; (P) 0.9149; (R1) 0.9233; More. Intraday bias in USD/CHF remains on the downside for the moment. As noted before, USD/CHF's rise from 0.8567 should be finished at 0.9330 already, on bearish divergence condition in 4 hours MACD Deeper fall should be seen back to 0.8761/8960 support zone. On the upside, above 0.9251 is needed to indicate completion of such fall. Otherwise, near term outlook is cautiously bearish even in case of recovery. |
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| Economic Indicators Update |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Although the single currency retreated initially today, renewed buying interest emerged at 1.3417 and has rebounded again, mixture of offers and stops at 1.3530-40 is now in focus with bigger stops placed above 1.3550, however, more selling interest is located at 1.3600-10 with bigger stops seen at 1.3620 and 1.3650 (large). On the downside, bids are lined up from 1.3470 down to 1.3430 with stops building up below 1.3400-10. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Wrap-up: USD/JPY – Hold long entered at 77.30As the greenback has continued to edge higher after rebounding from yesterday’s low of 77.29, retaining our bullishness and consolidation with upside bias remains for gain to 77.95/00, however, above there is needed to bring another test of yesterday’s high of 78.16. Looking ahead, break there would signal correction from 78.29 has ended and bring retest of this level Trade Idea: USD/CAD – Sell at 1.0250Despite yesterday’s selloff to 1.0124, as the greenback has recovered from there, suggesting minor consolidation would take place and recovery to 1.0250 cannot be ruled out, however, previous support at 1.0259 should limit upside and bring another decline later. A break of said support at 1.0124 would extend the fall from 1.0524 (tentatively top of B leg) towards support at 1.10074-77 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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