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Mid-Day Report: Euro's Rally Resumed after ECB TenderEuro's rally against dollar resumes after brief retreat, as supported by news that ECB will lend banks EUR 29.4b in the six-day loans as the EUR 225b of 6-, 12-, 18- month longs expire. The figure is much lower than markets's expectations in general. Meanwhile, the EUR 104b of three month loan offered by ECB yesterday was also much less than market's expectations. This signals that money market in the Eurozone is in a relatively healthy state and reliance on ECB is waning. There was also some additional support from German job data, which saw unemployment rate dropped to 7.5% in September while unemployment dropped more than expected by -40k. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9730; (P) 0.9772; (R1) 0.9811; More. USD/CHF's fall continues today and edges lower to 0.9707 in early US session. Intraday bias remains on the downside and further decline is expected to 0.9643 (2008 low) next. On the upside, above 0.9815 minor resistance will turn intraday bias neutral and bring consolidations. But after all, break of 1.0181 resistance is needed to confirm short term reversal. Otherwise, outlook will remain bearish. |
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Trade Idea Update: USD/CHF – Buy at 0.9670Despite intra-day resumption of decline to indicated downside target at 0.9708 (50% projection of 1.0119 to 0.9778 measuring from 0.9878), loss of near term downward momentum should limit downside to 0.9667/76 (61.8% projection of 1.0119-0.9778 measuring from 0.9878 and 50% projection of 1.0183 to 0.9778 measuring from 0.9878) and previous chart support at 0.9630 should hold, bring rebound later. Trade Idea Update: USD/JPY – Hold long entered at 83.20Despite intra-day resumption of decline to 83.16, loss of near term downward momentum should limit downside and reckon recent 15-year low at 82.87 would hold, bring rebound later to the Kijun-Sen (now at 83.55), however, a break above there is needed to suggest an intra-day low is possibly formed and bring retracement to the Ichimoku cloud area (now at 83.80-92) and later towards previous resistance at 84.09 before renewed selling interest emerges. | Suggested Readings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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