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Daily Report: Dollar Look to Retail Sales for Fuel to Extend RallyEuro makes new 13 month low against dollar overnight but momentum is so far mild. ECB Trichet said in an interview that ECB is not "embarking on quantitative easing". The bank will "withdraw the liquidity that we will inject mainly through tendering term deposits." Also, Trichet emphasized that sterilizing the government bond purchases "does not present technical difficulties," and he reiterated that the "the Governing Council will not tolerate inflation." |    |
| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 134.04; (P) 136.78; (R1) 138.25; More GBP/JPY's break of 135.88 minor support suggests that rebound from 130.00 has completed at 140.55 already. Intraday bias is flipped back to the downside and further fall should be seen to retest 130.00 low. On the upside, however, break of 139.49 resistance will argue that rise from 130.00 is still and progress and resuming. Focus will then be turned back to 145.94 high. |
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Trade Idea: USD/CHF – Buy at 1.1100Despite intra-day breach of indicated resistance at 1.1184, lack of follow through buying and the retreat from 1.1195 suggest consolidation would be seen and pullback to the Kijun-Sen (now at 1.1135) cannot be ruled out, however, renewed buying interest should emerge around the Ichimoku cloud top (now at 1.1101) and bring another rise later. Trade Idea: EUR/USD – Sell at 1.2600Although price is still trading above recent low at 1.2510, outlook remains bearish for recent decline to resume after consolidation, break of said support would confirm and extend weakness to 1.2495 (50% projection of 1.3095 to 1.2605 measuring from 1.2740) and possibly towards 1.2437 (61.8% projection), however, loss of downward momentum would limit downside and reckon 1.2390/00 would hold and risk from there has increased for a corrective rebound later. | ||
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