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Daily Report: Dollar Recovers as Impact from China Fades, Focus Turns to UK BudgetThe impact from China's unpeg was brief as reversed yesterday's loss against European majors even though it's still down against Aussie and Kiwi. Asian stocks are generally lower today following yesterday's reversal in US equities while gold is all sharply lower from record high of 1266.5. Dollar index is back pressing 86 level after dipping to as low as 85.09. Focus will now turn to UK budget report, German Ifo, US housing data and Canada CPI today. |
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EUR/CHF Daily OutlookDaily Pivots: (S1) 1.3657; (P) 1.3709; (R1) 1.3745; More EUR/CHF's fall extends further to as low as 1.3650 today so far and at this point, intraday bias remains on the downside. Current decline is expected to continue to 100% projection of 1.5138 to 1.4002 from 1.4587 at 1.3451 next. On the upside above 1.3762 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited well below 1.4039 resistance and bring fall resumption. |
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Trade Idea: EUR/USD – Hold long entered at 1.2300Although the single currency has remained under pressure after meeting renewed selling interest at 1.2355 on cross-selling against Japanese yen, loss of near term downward momentum should prevent sharp fall from here and reckon 1.2250 would hold, bring rebound later. Trade Idea: USD/CHF – Sell at 1.1210 or Buy at 1.1000Despite yesterday's break of 1.1131 to 1.1137, lack of follow through buying suggests further consolidation would be seen and as temporary low has been formed at 1.0986, reckon downside would be limited and bring another corrective rebound to the Ichimoku cloud top (now at 1.1178, however, reckon renewed selling interest would emerge below 1.1233 (50% Fibonacci retracement of 1.1480 to 1.0986) and resistance at 1.1250 (previous support) should hold, bring another decline later. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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