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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
| Calendar | Elliott Wave Trades | Markets Volatility | Pivot Points | Heat Map | Daily Fundamentals |
| Action Insight Market Overview | Markets Snapshot |
Daily Report: Markets in Consolidation, Canadian Dollar Leads Recovery But Remains VulnerableDollar and yen continue to consolidate against major currencies as risk sentiments are generally stabilized. News of collapse of Cajasur bank in Spain, which led to Bank of Spain's step in, had little impact on the markets. Canadian dollar is leading the recovery against dollar as last week's strong retail sales data renews traders' bet on rate hike from BoC next week. Sterling is also firm, is particular against Euro, on hope of stricter budget deficit cut in the emergency budget plan to be announced next month. European stocks open slightly higher today and would like provide some support to risk sentiments which lead to further consolidations in the forex markets. Economic calendar is rather light today with Swiss, German, France and Canada on holiday and main focus will be on existing home sales from US. |    |
| Featured Technical Report | |
EUR/GBP Daily OutlookDaily Pivots: (S1) 0.8670; (P) 0.8684; (R1) 0.8690; More. EUR/GBP's break of 0.8618 minor support suggests that rebound from 0.8444 has completed at 0.8772 already. Intraday bias is flipped back to the downside for 0.8427/8444 support zone. Note that at this point, with 0.8806 resistance intact, fall from 0.9137 is still in force. Break of 0.8427 will confirm decline resumption and should target 0.8399 key support level next. On the upside, break of 0.8806 resistance is needed to confirm reversal, otherwise, another decline would remain in favor. |
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| Special Report |
EU Crisis Update: Market Remained Weak Despite Stabilization. Risk To The DownsideAfter a meeting in Brussels last Friday, EU finance ministers agreed to impose tougher sanctions against member countries that do not adhere to the region's budget rules. Policymakers agreed to reach greater budget discipline, find ways to reduce the divergence in competitiveness between the member states, endorse a crisis management mechanism in order to deal with deficit crisis should it happen again as well as strengthen economic governance so as to act in a more coordinated and efficient manner. |
| Economic Indicators Update |
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Trade Idea: USD/CHF – Buy at 1.1460Although the greenback retreated last week after faltering below resistance at 1.1587, as 1.1450 continued to provide good support and price has rebounded from there, suggesting further consolidation with upside bias would be seen but break of 1.1580-87 resistance area is needed to confirm recent upmove has resumed and extend gain towards 1.1657 (1.236 times projection of 0.9910 to 1.0899 measuring from 1.0435), however, reckon 1.0700 would hold from here. Trade Idea: EUR/USD – Buy at 1.2395Despite Friday’s rebound from 1.2471, as the single currency met renewed selling interest at 1.2598 and has retreated from there, suggesting further consolidation below last week’s high of 1.2673 would be seen and break of said support at 1.2471 would bring retracement to 1.2390/00 (approx. equality projection of 1.2673-1.2471 measuring from 1.2598), however, the Ichimoku cloud bottom (now at 1.2371) should hold, bring rebound later. | |||||||||||||||||||||||||||||||
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