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Daily Report: Muted Reactions to G20, Markets in RangeMarkets are generally staying in tight range today as G-20 meeting provided little inspiration. G-20 statement emphasized that stimulus are required to be delivered together with 'credible, properly phased and growth friendly plans to deliver fiscal sustainability, differentiated for and tailored to national circumstances'. Overall, G-20 leaders agreed to "at least halve deficits by 2013 and stabilize or reduce government debt-to-GDP ratios by 2016." There was no mentioning of the Chinese Yuan. Proposals for a global levy on banks have been dropped. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 1.0883; (P) 1.0965; (R1) 1.1009; More. USD/CHF drops further to as low as 1.0895 today and met mentioned target of 1.0897. At this point, further decline is still expected as long as 1.1136 resistance holds. Fall from 1.1729 should target medium term trend line at 1.0760 next. On the upside, though, break of 1.1136 will argue that a short term bottom is formed, possibly with bullish convergence condition in 4 hours MACD, and bring stronger rebound to retest 1.1729 high. |
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| Economic Indicators Update |
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Trade Idea: GBP/USD – Buy at 1.4950Although the British pound rallied after finding renewed buying interest at 1.4855 last Friday and rose to 1.5075 this morning, lack of follow through buying and the retreat from there (just faltered below indicated retracement level at 1.5080 – 38.2% Fibonacci retracement of 1.6459 to 1.4228) suggest consolidation would be seen and retracement to the Kijun-Sen (now at 1.4967) is likely, however, the Ichimoku cloud top (now at 1.4948) should contain pullback and bring another rise later. Trade Idea: USD/JPY – Sell at 89.85Despite Friday’s marginal fall to 89.21, lack of follow through selling suggests consolidation would be seen and retracement to the Ichimoku cloud bottom (now at 89.58) cannot be ruled out, however, renewed selling interest should emerge below the upper Kumo (now at 89.90) and bring another decline later. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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