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Daily Report: Swiss Franc Weakens on SNB Talk AgainSwiss Franc weakens broadly as the week starts on fresh speculation that SNB would raise the floor on EUR/CHF again. SNB President Hildebrand was quoted over the weekend that the franc is "still highly valued versus the euro at the current exchange rate" and the bank expects it to "weaken further over time". Hildebrand warned that if Franc doesn't weaken further, there would be "deflationary trends" and would "weigh strongly on the economy." Hildebrand also noted that the policy to implement a floor in EUR/CHF at 1.2 back in September was "crystal clear" and "credible". Hildebrand also noted the bank is "monitor the data" and will "take further measures" including raising the EUR/CHF floor. EUR/CHF is back trading above 1.23 level for the moment. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.8776; (P) 0.8840; (R1) 0.8912; More. USD/CHF rises further to as high as 0.8988 so far today and the break of 0.8960 minor resistance indicates that rise from 0.8567 has resumed. Intraday bias remains on the upside and further rally should be seen to 0.9315 resistance next. Break will confirm resumption of whole rise from 0.7065 and should target 61.8% projection of 0.7710 to 0.9315 from 0.8567 at 0.9559 next. Though, break of 0.8761 will dampen this bullish view and turn bias back to the downside for 0.8567 and below to extend the fall from 0.9315. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: Although the single currency slipped last Friday from 1.3870 after the release of better-than-expected U.S. unemployment rate, euro found good support at 1.3710 and has rebounded from there on news that Greek PM Papandreou reached agreement with opposition party to form a new coalition government under a new prime minister. Having said that, traders rushed to square their short position above 1.3830 and price has retreated again from 1.3839, offers are still noted from 1.3830 up to 1.3850 with mixtures of offers and stops seen at 1.3870-80 and further out at 1.3900-10. On the downside, fair size bids are still noted at 1.3700-10 with some stops placed below 1.3700 but sizeable stops only emerging below 1.3650 (decent bids above these stops expected) but better size buying interest tipped above 1.3600. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: USD/CHF – Buy at 0.8850The greenback finally broke above indicated resistance at 0.8906, confirming our view that correction from 0.8961 has ended at 0.8762 last week and consolidation with upside bias remains for a retest of this level, break there would extend the rise from 0.8568 low towards psychological resistance at 0.9000, however, near term overbought condition should limit upside to 0.9040/50 and price should falter well below previous resistance at 0.9082. Trade Idea: USD/JPY – Buy at 77.60Despite Friday’s brief bounce to 78.27, as the greenback has eased in part due to risk aversion, suggesting consolidation with mild downside bias is seen and weakness to support at 77.89 cannot be ruled out, however, downside should be limited to 77.55/60 and bring another rebound later for test of minor resistance at 78.42. Looking ahead, a break there is needed to suggest the retreat from 79.10 has possibly ended Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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