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Mid-Day Report: Swiss Franc Makes New Record High against Euro, Quiet ElsewhereMarkets are generally quiet today except that Swissy Franc is lifted by comments from SNB board member Jean-Pierre Danthine and jumped to new record high against Euro. Danthine echoed recent SNB comments that "deflationary trends have practically disappeared." Also, he said that Swiss exports had proven to be robust despite a strong Swiss franc. Though, Danthine also reiterated that SNB would step in again if deflationary risks reappear. |
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| Featured Technical Report | |
EUR/CHF Mid-Day OutlookDaily Pivots: (S1) 1.3447; (P) 1.3523; (R1) 1.3590; More EUR/CHF dives further to as low 1.3356 so far today and at this point, intraday bias remains on the downside for 1.3 psychological level next. On the upside, above 1.3505 minor resistance will turn intraday bias neutral and bring recovery. But after all, we'll stay bearish as long as 1.3733 support turned resistance holds and expect another fall sooner or later. |
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| Special Report |
Market Sentiment Worsened And Peripheral Bond Yields SoaredGlobal sentiment weakened last week as disappointing macroeconomic data reignited worries over sovereign crisis in the Eurozone and its impacts on global recovery. Fitch Ratings' downgrade of a French bank S&P's warning regarding stability of Spanish as well as releases of European bank stress tests unveiled deficit problems in Europe have yet to be resolved. |
| Economic Indicators Update |
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Trade Idea: EUR/JPY – Sell at 111.60Despite Friday's fall to 109.59, as the single currency has rebounded after holding above last week's low at 109.53, suggesting further consolidation would be seen and recovery to 111.45/50 (50% Fibonacci retracement of 113.43 to 109.53) cannot be ruled out, however, as we are keeping our view that early rebound from 108.06 has possibly ended at 113.43, upside should be capped at 111.94 (61.8% Fibonacci retracement) and bring another decline. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: USD/CHF – Sell at 1.0930As the greenback has remained under pressure after breaking support at 1.0895 (now a resistance), suggesting recent decline from 1.1730 top is still in progress and further weakness to 1.0820 (50% Fibonacci retracement of 0.9910 to 1.1730) would be seen, however, near term oversold condition would prevent sharp fall below 1.0791 (61.8% projection 1.1547 to 1.0986 measuring from 1.1138) and reckon 1.0750 would hold from here, bring rebound later. Trade Idea Update: EUR/USD – Buy at 1.2265As the single currency has remained under pressure after intra-day retreat from 1.2398, suggesting further consolidation would be seen and below the Kijun-Sen (now at 1.2328) would bring retracement to the lower Kumo (now at 1.2299), however, support at 1.2254 should continue to hold and bring another rally. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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