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Daily Report: Sentiments Recovered as China Loosens Credit Control, Dollar Mildly LowerAfter sharp risk aversion triggered by disastrous German bond sale yesterday, sentiments recovered today on news that China is starting to loosen up credit conditions. It's confirmed that PBoC has lowered the reserve requirement ratio for six rural banks in Zhejiang province by 50 bps, effective Friday. In addition, there are now speculations that China could cut reserve requirements for all banks in Q1 of 2012. Asian equities opened sharply lower following the -2.05% fall in DOW overnight. But major Asian indices pared most losses as the day went all. Also, traders are squaring off positions ahead of thanksgiving holiday in US today. Dollar retreats mildly from yesterday's high against major currencies and stays in tight range so far. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9144; (P) 0.9179; (R1) 0.9230; More. USD/CHF's recovery was limited below 0.9235 resistance so far and intraday bias remains neutral. More consolidations could be seen in near term. Though, another rise remains in favor with 0.8953 support intact. Above 0.9235 will extend the rebound from 0.8567 to 0.9315 resistance. However, note again that the structure of the rebound from 0.8567 is still corrective looking. Below 0.8953 will suggest that such rebound is finished and should flip bias back to the downside for 0.8567 support and possibly below. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The greenback slipped yesterday on heavy selling by real money accounts, Eastern European names and U.S. corps to as low as 1.3320 before short-covering ahead of Thanksgiving holiday lifting the pair back above 1.3380 this morning in Asia, however, still hear decent offers at 1.3410-15 and further out at 1.3450-60 with stops building up above 1.3485-90. On the downside, option-defensive bids are reported at 1.3310-20 (for protection of 1.3300 barrier) and more buying interests are expected head of 1.3250 and 1.3200 option barriers. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF – Buy at 0.9130Despite yesterday’s rise to 0.9214, lack of follow through buying on the break of previous resistance at 0.9209 suggests consolidation would be seen and pullback to the Kijun-Sen (now at 0.9162) and possibly the Ichimoku cloud bottom (now at 0.9147) is likely, however, reckon support at 0.9108 would hold from here and bring another rise later. A sustained breach of yesterday’s high would signal the correction from 0.9237 has ended at 0.9086, then further gain towards this level would be seen. Trade Idea: EUR/USD – Sell at 1.3440Despite yesterday’s selloff to 1.3321, as the single currency has recovered from there, minor consolidation would be seen and recovery to the Kijun-Sen (now at 1.3400) is likely, however, renewed selling interest should emerge below 1.3445 (50% Fibonacci retracement of 1.3568-1.3321) and bring another decline later. A break of said support would extend recent decline from 1.4248 top to 1.3300, however, near term loss of downward momentum should limit downside Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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