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Mid-Day Report: Swiss Franc Tumbles on Possible Temporary EUR/CHF PegThe Swiss franc once again took the center stage in currency market and fell across the board especially versus the euro. As indicated in our previous update that Deputy President Thomas Jordan stated that a temporary tie between the franc and the euro would be legal under the SNB's authorization. The speculations of a temporary Swiss franc peg with euro continue in European session, EUR/CHF rallied throughout the day and surged from the day's low of 1.0259 to above 1.0900. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.7187; (P) 0.7258; (R1) 0.7337; More... USD/CHF's rebound from 0.7065 extends further to as high as 0.7524 in early US session and the break of 0.7361 aurges that a short term bottom is already in place. Intraday bias is mildly on the upside for further rebound. But at this point, we'd expect strong resistance from 0.7801 (61.8% retracement of 0.8277 to 0.7065 at 0.7814) to limit upside and turn USD/CHF into sideway consolidations. On the downside, break of 0.7065 is needed to confirm fall resumption for 0.7 psychological level. Or, we'll turn near term neutral first. |
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BoE Trimmed Growth and Inflation ForecastsThe BOE lowered its economic forecasts amid global economic turmoil. In the latest quarterly inflation report, policymakers stated that the biggest risk came from sovereign crisis in the Eurozone. Risks to growth are skewed to the downside as slowdown in growth may turn out to be more persistent than previously expected. The BOE retained the view that inflation will return to a little below target in the medium-term. The BOE left the Bank rate unchanged at 0.5% and the asset purchase program at 200B pound at the meeting last week. Yet, it reiterated the flexibility to add or remove stimulus measures when conditions warrant. |
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Trade Idea Update: GBP/USD – Sell at 1.6290Despite cable’s intra-day retreat from 1.6208, as indicated support at 1.6111 has continued to hold, retaining our view that further consolidation would take place and above said minor resistance would bring a stronger recovery to 1.6260/65 (50% Fibonacci retracement of 1.6411 to 1.6111), however, reckon 1.6295-96 (50% Fibonacci retracement of 1.6478 to 1.6111 and 61.8% Fibonacci retracement of 1.6411 to 1.6111) would limit upside, bring another decline later. Trade Idea: EUR/JPY – Sell at 109.50Although the single currency has recovered after falling to 108.30 yesterday, as long as intra-day resistance at 109.91 holds, mild downside bias is seen for decline to resume after consolidation, break of said support would signal the 2nd c leg is still in progress and extend weakness to 108.00 but reckon 107.50 would hold from here and bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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