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Daily Report: Dollar Soft, UK Data Watched in European SessionDollar remains generally soft today as European stocks open mildly higher while gold stays firm near to record high. World bank said in its quarterly update that "China's economic outlook remains favorable" even though growth "is probably going to ease a bit from the very rapid pace in the first quarter." China's growth is forecast to be 9.5% this year and 8.5% in 2011. Though, the bank urged China to raise interest rates to curb soaring real estate markets. Global prospects is also "favorable" at forecast of 3.2% this year and 3.3% for 2011 but warned that debt problems in Eurozone "could turn into a real and contagious debt crisis". |
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| Featured Technical Report | |
GBP/JPY Daily OutlookDaily Pivots: (S1) 133.77; (P) 134.62; (R1) 135.73; More GBP/JPY is staying in tight range below 135.94 and intraday bias remains neutral. On the downside, break of 132.66 minor support will flip bias to the downside and further break of 130.42 will suggest that recovery from 126.73 has completed already. In such case, deeper decline should be seen to retest this low first. On the upside, above 135.94 will bring another rise, but we'd expect upside to be limited below 61.8% retracement of 145.94 to 126.73 at 138.60 and bring down trend resumption finally. |
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Trade Idea: USD/CHF – Sell at 1.1215Despite intra-day fall to 1.1095, as dollar has recovered after failing to penetrate yesterday's low (also at 1.1095), suggesting consolidation would be seen and retracement to 1.1192 (38.2% Fibonacci retracement of 1.1350 to 1.1095) cannot be ruled out, however, renewed selling interest should emerge around the Kijun-Sen (now at 1.1212) and bring another decline later. Trade Idea: GBP/USD – Buy at 1.4700Despite intra-day rise to 1.4852, as cable has eased after faltering below previous resistance at 1.4857, retaining our view that further consolidation below this resistance would take place and pullback to the Ichimoku cloud bottom (now at 1.4748) cannot be ruled out, however, renewed buying interest should emerge around 1.4700 and bring another upmove later. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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