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Mid-Day Report: EUR/USD Heading to 1.2 after Non-Farm Payroll Disappointment, EUR/CHF Broke 1.4Dollar and yen surge sharply in early US session after disappointment from Non-Farm Payroll report. US job market expanded by 431k only in May, much lower than expectation of 500k. More importantly, taking out 411k. Unemployment rate dropped from 9.9% to 9.7%. Canadian data showed the economy added 24.7k jobs in May, slightly above expectation of 20k. However unemployment rate was unchanged at 8.1% versus consensus of a drop to 8.0%. |
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| Featured Technical Report | |
EUR/CHF Mid-Day OutlookDaily Pivots: (S1) 1.4021; (P) 1.4098; (R1) 1.4142; More EUR/CHF dives sharply today and broke 1.4000 key support level without hesitation. The longer term down trend has resumed and initial target of 61.8% projection of 1.5138 to 1.4002 from 1.4587 at 1.3885 is already met. Short term outlook will now remain bearish as long as 1.4109 support turned resistance holds. Sustained trading below 1.3885 will target 100% projection at 1.3451. |
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| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Buy at 1.1470Despite intra-day brief but sharp fall to 1.1426 partly due to selloff in EUR/CHF, as the greenback is able to stage a strong rebound from there, suggesting low has been formed and consolidation with upside bias is seen for test of 1.0600-03 (current level of the upper Kumo and previous resistance), break there would signal correction from 1.1730 is over, then gain to 1.1690/00 would be seen next. Trade Idea Update: EUR/USD – Sell at 1.2150As the single currency has resumed recent downtrend after meeting renewed selling at 1.2216 as investors worried about the euro-zone's sovereign debt status, price tumbled to fresh 4-year low of 1.2037, suggesting a test of psychological support at 1.2000 is underway, below would extend to 1.1950 and possibly towards 1.1900. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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