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Daily Report: Swiss Franc and Japanese Yen Both Slip on Possible Actions by SNB and BOJOnce again the Swiss franc took center stage and dropped against most major currencies, hitting a 2-week low against the greenback and euro this morning in Asia on persisting speculation that the Swiss National Bank would take further action to weaken the franc. Bet on a EUR/CHF peg intensified after a Swiss newspaper report over the weekend, SonntagsZeitung newspaper reported on Sunday that the SNB is likely to set a target rate for EUR/CHF in coming days (probably 17 Aug) above the 1.1000 level. EUR/CHF surged to as high as 1.1325 this morning on such report and USD/CHF also opened higher and rose well above last week's high to around 0.7990. |
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| Featured Technical Report | |
EUR/CHF Daily OutlookDaily Pivots: (S1) 1.0809; (P) 1.0952; (R1) 1.1218; More EUR/CHF jumps further to as high as 1.1366 so far today and momentum remains strong. It looks likely that 1.1404 support turned resistance will be taken out by the current rebound and that would raise the possibly of medium term reversal. In any case, intraday bias remains on the upside for the moment and break of 1.1404 will target 55 days EMA (now at 1.1635) next. On the downside, below 1.1047 minor support will turn bias neutral and bring retreat. But another rise will now remain in favor as long as 1.0685 minor support holds. |
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Trade Idea: GBP/USD – Buy at 1.6200Failure to retest Friday’s high of 1.6313 and current retreat suggest further consolidation below this level would take place and test of Kijun-Sen (now at 1.6240) cannot be ruled out, however, reckon the Ichimoku cloud (now at 1.6199-1.6208) would limit downside and bring another rise later. A breach of said resistance would extend the rebound from 1.6111 (last week’s low) to 1.6336-38 (previous resistance and 61.8% Fibonacci retracement of 1.6478-1.6111) Trade Idea: EUR/USD – Buy at 1.4230Euro’s breach of indicated previous resistance at 1.4295 suggests the rebound from 1.4104 (last week’s low) is still in progress and may extend gain towards 1.4350, however, as broad outlook remains consolidative, reckon upside would be limited to 1.4402 and price should falter well below resistance at 1.4432, bring retreat later. Having said that, as price has retreated from 1.4329, test of the Ichimoku cloud top (now at 1.4253) and possibly the Kijun-Sen (now at 1.4239) cannot be ruled out Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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