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| Action Insight Weekly Report | Markets Snapshot |
Swiss Soared as Intervention Ended, Sustainability of Risk Rally in QuestionSwiss Franc was the undisputed winner last week after SNB signaled end to intervention. Euro was lifted by solid bond auctions in Spain and strengthened against dollar and yen. Commodity currencies were even stronger as supported by risk appetite on rally in global stocks. Dollar was generally soft with dollar index extended recent pull back to as low as 85.45. However, we're skeptical on the sustainability of risk rally as yen didn't showed corresponding weakness as dollar in last week's trading. Gold has indeed jumped to new record high of 1263.7 while US treasury yield hovered in tight range above near term low. Risk sentiments are vulnerable to reversal. |    |
| Featured Technical Report | |
EUR/CHF Weekly OutlookEUR/CHF reversed after climbing to 1.4039 and subsequent sharp fall and break of 1.3733 low confirmed medium term down trend resumption. Initial bias remains on the downside this week and EUR/CHF should now target 100% projection of 1.5138 to 1.4002 from 1.4587 at 1.3451 next. On the upside above 1.3785 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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The Week in Review and Preview |
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