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Mid-Day Report: Dollar Recovers Mildly as Consolidation ContinuesDollar is mildly higher as the week starts but movements are limited. Dollar index is back above 80.5 level but there is no strong momentum to suggest a reversal yet. Indeed, markets are quite quiet today and most major pairs are stuck in tight range. European stocks are mildly higher with major indices up more than 1. Gold and crude oil are mildly firmer but was kept below last week's highs. Markets will probably continue to stay in consolidative mode before tomorrow's FOMC announcement. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 1.0309; (P) 1.0409; (R1) 1.0486; More. USD/CHF's outlook remains bearish with 1.0553 resistance intact and further decline is still expected towards outer trend line support (0.9634, 0.9916, now at 1.0020). On the upside, however, break of 1.0553 will suggest that a short term bottom is at least formed, with bullish convergence condition in 4 hours MACD, and turn bias back to the upside for rebound towards 55 days EMA (now at 1.0733). |
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Trade Idea: USD/CAD – Long entered at 1.0150 met target at 1.0300 and look to buy again lowerThe greenback has finally rebounded last week, justifying our bullishness and our indicated profit target at 1.0300 (lowered from 1.0350) has been met on Friday as price rose to 1.0307 (this long position entered at 1.0150 met target at 1.0300 with 150 points profit). Trade Idea: EUR/GBP – Sell at 0.8400Euro's near term sideways trading is expected to continue and as long as last week's low at 0.8254 holds, another recovery to 0.8390/00 (50% Fibonacci retracement of 0.8532 to 0.8254) cannot be ruled out, however, renewed selling interest should emerge around there and reckon 0.8425/30 (61.8% Fibonacci retracement) would hold, bring another decline later. | |||||||||||||||||||||||||||||||||||||||||||||||||
| Candlesticks and Ichimoku Intraday Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea Update: EUR/USD – Hold long enered at 1.3250The single currency did retreat to the Kijun-Sen as suggested in our previous update and 1.3200 (just above 38.2% Fibonacci retracement of 1.2980 to 1.3334 at 1.2999) needs to hold to retain bullishness for upmove to resume after consolidation and above intra-day resistance at 1.3308 would signal the correction from 1.3334 has ended and bring resumption of upmove for retest of this resistance Trade Idea Update: GBP/USD – Buy at 1.5880As the British pound has retreated after faltering below Friday's high of 1.5999, suggesting further consolidation below there would take place and downside risk has increased, break of the Kijun-Sen (now at 1.5926) would bring retracement to the Ichimoku cloud top (now at 1.5891) but reckon the lower Kumo (now at 1.5877) would attract renewed buying interest and bring another rise later. | |||||||||||||||||||||||||||||||||||||||||||||||||
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