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Daily Report: Risk Off on Weak Data from China and Japan, SNB AwaitedRisk sentiments remain weak in Asian markets today on poor economic data. HSBC Flash China manufacturing PMI stayed in contraction region at 49 in December. Even though that's an improvement from November's 47.7, it's still suggesting further contraction in activities ahead. HSBC Chief Economist for China noted that while "pace of slowdown stabilized", "growth momentum remains weak" with downside risks from exports and property markets. He urged the government to make "more aggressive easing on both fiscal and monetary fronts". Chinese Ministry spokesman said in a press conference today that "export situation in the first quarter of next year will be very severe". |
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| Featured Technical Report | |
EUR/CHF Daily OutlookDaily Pivots: (S1) 1.2323; (P) 1.2351; (R1) 1.2403; More. EUR/CHF recovered strongly from 1.2298 this week but is still bounded in familiar range so far, and thus, intraday bias remains neutral for more sideway trading. Recent price actions suggest that the consolidation pattern from 1.2472 is in form of triangle and might be finishing shortly. A break above 1.2443 resistance will be the first alert of break out and sustained trading above 1.2472 will confirm and pave the way to 1.28 and above, with a move that's exceeds the height of the triangle. However, a break below 1.2298 will indicate that the consolidation pattern is going to extend even further between 1.21/25. |
| Special Report |
SNB May Raise EURCHF Ceiling, Send Interest Rate To NegativeSwiss franc remained fragile, hovering within a narrow trading range of 1.22-1.24, amid speculations that the SNB would intervene against appreciation of the currency. Economic growth and inflation have moderated since the last meeting. Together with persistent risks of sovereign crisis in the Eurozone, policymakers would likely delivered a rather downbeat statement, warning against further deterioration in domestic and global economic prospects. |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
European Session: Orders and Options WatchEUR: The single currency tumbled again yesterday on surging Italian bond yields and rumors of a French rating downgrade, took out indicated barrier at 1.2950, however, euro recovered from 1.2945 as traders booked profit on shorts. Euro traded narrowly this morning in Asia but offers are still noted at 1.3000 and also at 1.3050-60 with stops building up above 1.3065-70 and further out at 1.3100-10. On the downside, mixture of bids and stops remains at 1.2940-50 and more bids are located at 1.2920-25 with stops seen below option barrier at 1.2900. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Sell at 1.3100Despite yesterday’s anticipated decline to 1.2945 (exceeded indicated projection target at 1.2960/65), as price has recovered from there, suggesting consolidation above this level would take place and retracement to yesterday’s high of 1.3064 cannot be ruled out, however, upside should be limited to the Ichimoku cloud bottom (now at 1.3075) and renewed selling interest should emerge around 1.3100, bring another decline later. Trade Idea: USD/CHF – Buy at 0.9395Despite intra-day marginal rise to 0.9549, as the greenback has retreated from there, suggesting consolidation below this level would take place and pullback to the Kijun-Sen (now at 0.9489) would be seen, however, downside should be limited to 0.9430-34 (yesterday’s low and current level of the Ichimoku cloud top) and renewed buying interest should emerge above previous resistance at 0.9391, bring another rise later.Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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