| Action Insight Daily Report | SNB Reiterated Statnce to Prevent Franc Appreciation Swiss Franc spikes lower after SNB left rates unchanged and pledged it will continue to counter appreciation of the franc. The three-month Libor was left unchanged at 0.25% as widely expected. SNB noted in the accompanying statement that there are still "considerable" uncertainty as to future developments and hence SNB opted for "caution" to leave rates unchanged. Regarding currency policy, the bank reiterated that it will "continue to act decisively to prevent any appreciation of the Swiss franc against the euro.” After all, the Swissy settled back into familiar range after initial knee-jerk reactions. Full Report Here... | | Special Reports | BOE May Reduce Deposit Rate. How Does it Work and What are the Impacts? At the Treasury Select Committee hearing on September 15, the BOE Governor Mervyn King said the MPC is considering lowering the remuneration on banks' reserve. The issue was actually not new as King mentioned about it at the August Inflation report but the BOE did not announce any action at September's meeting. The Governor brought the issue out again may suggest something will be done in coming months and this triggered selloff in sterling. Cable plunged below the 1.65 support before finding support around 1.6425 while EURGBP broke above recent trading range in 0.884 and rose to 0.89. In this article, we will talk about how a change in remuneration rate works and its impact on QE. Full Report Here... FX Forecasts Update: USD, JPY, EUR, GBP, CHF Improved market sentiment and favors towards risky assets pressured the dollar over the past month. Although USD's decline against major currencies looked excessive, investors remained hesitant to remove the bearish view on USD. The general themes on the dollar remain to be interest rate differential, increasing appetite to higher-yield investments and reserve diversification. These topics will likely render the dollar chronically weak in the near-term. Full Report Here... | | Elliott Wave Analysis | AUD/JPY Elliott Wave Analysis As the Australian dollar has rebounded after finding support at 77.35, suggesting further consolidation would take place, however, as long as resistance at 82.00 holds, we are keeping our view that top has possibly been formed at 82.00 and mild downside bias is seen for fall towards 77.35, then 75.00/05 (61.8% Fibonacci retracement of 70.76 to 82.00). Looking ahead, a daily close below there is needed to add credence to this view and bring correction towards 71.90 (38.2% Fibonacci retracement of 55.56 to 82.00) later. Full Report Here... AUD/USD Elliott Wave Analysis As aussie has maintained a firm undertone, suggesting medium term upmove from 0.6007 low is still in progress and our indicated upside target at 0.8690 (50% projection of wave (i) - (iii) measuring from wave (iv) trough) has been formed, however, as this is viewed as the last leg of larger degree wave C as well as wave (B), upside should be limited to 0.8923 (61.8% projection of wave (i) to (iii) measuring from wave (iv) at 0.7700) and the entire wave C and wave (B) should be capped below 0.9000, bring selloff later in wave (C). Full Report Here... | | Candlesticks & Ichimioku Analysis | EUR/CHF Candlesticks and Ichimoku Analysis Despite retreating to 1.5111 earlier this week, as price is expected to stay within near term range of 1.5006-1.5448, downside should be limited to the Ichimoku cloud bottom (now at 1.5087) and as long as indicated key support at 1.5000/06 holds, further consolidation would take place and another rebound to the Tenkan-Sen (now at 1.5238) is likely. A weekly close above the Ichimoku cloud top (now at 1.5338) would bring test of 1.5383 resistance. Looking ahead, only a weekly close above 1.5383 resistance would confirm an upside break of indicated range has taken place and bring further rise to 1.5448, then 1.5600. Full Report Here... USDCAD Candlesticks and Ichimoku Analysis The greenback fell again after meeting renewed selling right at the Tenkan-Sen, suggesting the decline from 1.3066 top has resumed and further weakness to 1.0584-90 (50% projection of 1.3066 to 1.0784 measuring from 1.1725 and 61.8% Fibonacci retracement of 0.9059 – 1.3066), then towards 1.0315 (61.8% projection) is likely, however, break of support at 1.0298 is needed to retain bearishness, otherwise, risk has increased for a rebound later. Full Report Here... | | Featured Technical Report | Market Highlights | USD/CHF Mid-Day Outlook Daily Pivots: (S1) 1.0306; (P) 1.0362; (R1) 1.0401; More USD/CHF recovers again after 1.0284 but yet, as long as 1.0489 resistance holds, further decline is still in favor. Further fall could still be seen to 61.8% projection of 1.1740 to 1.0590 from 1.0883 at 1.0172. However, break of 1.0489 will be an important signal that USD/CHF has bottomed out and will turn short term outlook bullish for 1.0714 resistance next. Read more... All Technical Outlook Reports | Daily Top Movers | Top 5 | Current | Last | Change
(Pips) | Change
(%) | | NZDUSD | 0.7091 | 0.7137 | -46 | -0.65% | | USDJPY | 91.33 | 90.92 | +41 | +0.45% | | AUDUSD | 0.8700 | 0.8733 | -33 | -0.38% | | GBPJPY | 150.49 | 149.92 | +57 | +0.38% | | CADJPY | 85.58 | 85.26 | +32 | +0.37% | Last Updated: Sep 17, 13:25 GMT Currency Heat Map Daily View | USD | EUR | JPY | GBP | CHF | CAD | AUD | | USD | | | | | | | | | EUR | | | | | | | | | JPY | | | | | | | | | GBP | | | | | | | | Last Updated: Sep 17, 13:25 GMT | | Economic Indicators Update | | GMT | Ccy | Events | Actual | Consensus | Previous | Revised | | 23:50 | JPY | BSI Manufacturing index Q/Q Q3 | 15.5 | -11.4 | -13.2 | | | 23:50 | JPY | Tertiary Industry Index M/M Jul | 0.60% | 0.60% | 0.10% | 0.20% | | 03:30 | JPY | BoJ Interest Rate Decision | 0.10% | 0.10% | 0.10% | | | 08:30 | GBP | Retail Sales M/M Aug | 0.00% | 0.20% | 0.40% | | | 08:30 | GBP | Retail Sales Y/Y Aug | 2.10% | 2.70% | 3.30% | 2.90% | | 09:00 | EUR | Eurozone Trade Balance (EUR) Jul | 6.8B | 1.2B | 1.0B | | | 10:00 | GBP | U.K. CBI Industrial Orders Sep | -48 | -49 | -54 | | | 11:00 | CAD | CPI M/M Aug | 0.00% | 0.20% | -0.30% | | | 11:00 | CAD | CPI Y/Y Aug | -0.80% | -0.70% | -0.90% | | | 11:00 | CAD | BoC CPI Core M/M Aug | 0.10% | 0.10% | 0.00% | | | 11:00 | CAD | BoC CPI Core Y/Y Aug | 1.60% | 1.60% | 1.80% | | | 12:00 | CHF | SNB Interest Rate Decision | 0.25% | 0.25% | 0.25% | | | 12:30 | CAD | Leading Indicators M/M Aug | 1.10% | 0.50% | 0.40% | 0.60% | | 12:30 | USD | Housing Starts Aug | 598K | 595K | 581K | 589K | | 12:30 | USD | Building Permits Aug | 579K | 580K | 560K | 564K | | 12:30 | USD | Initial Jobless Claims (SEP 12) | 545K | 558K | 550K | | | 14:00 | USD | Philadelphia Fed. Survey Sep | | 7.8 | 4.2 | | | 14:30 | USD | Natural Gas Storage | | 74B | 69B | | | | Suggested Readings | Fundamental Highlights Technical Highlights | | | Forex Brokers | | | Sponsors | 
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