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Daily Report: Greenback Slips Versus Other Major Currencies after S&P Downgraded its AAA Rating to AA+The greenback fell across the board and hit fresh record low against the Swiss franc after Standard & Poor's downgraded U.S. top credit rating from AAA to AA+, the decision raised concerns over the fiscal issue of the world's biggest economy. Although the Federal Reserve Open Market Committee are going to meet tomorrow, traders can't wait and sold the greenback versus all other major currencies, added to concern the fiscal health of the world's biggest economy is slipping. The single currency rallied and broke above last week's high of 1.4375 to as high as 1.4432 in part due to the news that the European Central Bank already started buying Italian and Spanish bonds in order to stop eurozone debt crisis from spreading to the region's third and forth largest economies, however, some traders worried that IMF's rescue funds may only be enough to save Span but not in the case of Italy and of course not for both countries. |
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| Featured Technical Report | |
EUR/USD Daily OutlookDaily Pivots: (S1) 1.4121; (P) 1.4209 (R1) 1.4364; More. EUR/USD's b break of 1.4371 minor resistance indicates that choppy pull back from 1.4537 has likely finished at 1.4054 already. Intraday bias is flipped back to the upside for retesting 1.4537 first. Break will confirm resumption of the whole rally from 1.3837 and should target 100% projection of 1.3837 to 1.4537 from 1.4054 at 1.4754 next. On the downside, though, below 1.4239 minor support will turn bias neutral and mix up the near term outlook again. |
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Trade Idea: USD/JPY – Buy at 77.05As the greenback has remained under pressure on dollar’s broad-based weakness, suggesting the first leg of major correction from 76.29 has ended at 80.25 last week and near term downside risk remains for weakness to 77.50, however, near term oversold condition should limit downside to 77.00/05 and support at 76.78 should hold, bring another rebound later. Above previous support at 78.30 would bring a test of 78.51-59 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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