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Daily Report: Dollar Building Strength to Extend ReboundDollar is gathering some strength in early European session and is set to extend this week's recovery against major currencies. Yen is also following after China stocks slumped -1.5% on comments from China Banking Regulatory Commission that banks should "strictly implement" curbs on loans to multi-home buyers to prevent speculative real estate investment. Dollar index continues to stay firm above 84 while crude oil and gold are both soft. Aussie is hardest hit so far on it's close trade relationship with China. Sterling is also weak after S&P said it was maintaining its negative outlook on UK's AAA credit rating. |
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EUR/USD Daily OutlookDaily Pivots: (S1) 1.2549; (P) 1.2598 (R1) 1.2645; More. EUR/USD's fall from 1.2721 extends further today and reaches as low as 1.2543 so far. Intraday bias remains cautiously on the downside for 1.2479 minor support. Below 1.2479 minor support will indicate that recovery from 1.1875 is finished and bring deeper fall to 1.2149 support first. Break will confirm this bearish case and target another low below 1.1875. On the upside, above 1.2613 will turn intraday bias neutral again. Also, note that sustained trading above the trend line (now at 1.2698) will invalidate bearish view and bring stronger rally towards 1.3266 resistance instead. |
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Trade Idea: USD/CHF – Buy at market levelAlthough the intra-day brief drop to 1.0582 stopped out our long position, as the greenback found decent demand at 1.0582 and has rebounded, suggesting as long as this level holds, consolidation with upside bias remains for another test of 1.0676 (yesterday's high), above there would signal the rise from 1.0481 low has resumed for a stronger retracement of recent decline to 1.0692-97 (50% Fibonacci retracement of 1.0903 to 1.0481 and previous resistance) Trade Idea: GBP/USD – Sell at 1.5060Despite yesterday's slightly stronger-than-expected rebound to 1.5086, as cable has retreated sharply from there, suggesting bearishness remains for the decline from 1.5241 top to resume after consolidation and the Ichimoku cloud bottom (now at 1.5073) should limit upside and bring retest of 1.4949 support (yesterday's low), break there would extend weakness towards 1.4905/10 (61.8% projection of 1.5241 to 1.4949 measuring from 1.5086) but reckon previous support level at 1.4873 would limit downside. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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