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Daily Report: Markets in Tight Range with US on HolidayMarkets are quietly staying in tight range today. Asian stocks were mixed with little reaction to Friday's job data from US. Crude oil is staying in tight range above 72 level which gold is hovering around 1210. Dollar index also consolidates between 84 and 85. SNB President Hildebrand said that the bank is "closely monitoring" Swiss Franc's development as "currency fluctuations of the Swiss franc have indeed picked up in the last weeks". Hildebrand also noted again that "at the moment, I see extremely low inflation risks in Switzerland." Trading activities will possibly continue to remain subdued with US markets on holiday today. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.0562; (P) 1.0615; (R1) 1.0674; More. Intraday bias in USD/CAD remains neutral as consolidations from 1.0673 continues. Deeper treat cannot be ruled out but downside should be contained by 1.0319/0468 support zone and bring rally resumption. Break of 1.0678 resistance will confirm our view that corrective fall from 1.0851 has completed at 1.0138 already and should target another high above 1.0851. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Buy at 1.2455As the single currency has finally retreated after rising to 1.2613 last Friday, suggesting a minor top has been formed there and consolidation below this level would be seen with mild downside bias for retracement to 1.2483 (previous support), however, renewed buying interest is likely to emerge around 1.2450-55 (38.2% Fibonacci retracement of 1.2193 to 1.2613) and the Ichimoku cloud top (now at 1.2439) should hold, bring another rise later. Trade Idea: GBP/USD – Buy at 1.5095The British pound has remained sidelined after last Friday's brief rise to 1.5230, adding credence to our view that near term consolidation would continue and pullback to minor support at 1.5150 is likely, however, reckon renewed buying interest would emerge around 1.5090/95 (approx. 38.2 % Fibonacci retracement of 1.4873 to 1.5230) and bring another rally later. Above said resistance would extend to 1.5241 (38.2% Fibonacci retracement of 1.6879 to 1.4228) and then towards 1.5290/00. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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