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Daily Report: Swissy Mildly Lower in Mixed Markets. Focus on Canada Job DataSwiss franc and yen are mildly lower against other major currencies in an otherwise mixed market today. Data from China, which showed strong import growth of 35.2% yoy in August, raises optimism that China could continue to help lead global recovery. However, we're not buying the the story since there is no extension of rally in Aussie, which should benefit much on exports to China. PBoC surprised the markets by fixing the mid-point of exchange rate against dollar at post-revaluation high, which lifts dollar mildly. But we don't seen sustained momentum in the greenback yet. After all, markets are lacking a clear direction for today. |
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| Featured Technical Report | |
EUR/CHF Daily OutlookDaily Pivots: (S1) 1.2826; (P) 1.2877; (R1) 1.2934; More EUR/CHF's recovery from 1.2765 extends further today and is back pressing 1.3 psychological level. Further rise cannot be ruled out for the moment. But after all, we'd expect upside to be limited by 1.3162 resistance and bring resumption of fall form 1.3923. Below 1.2765 will target 100% projection of 1.4587 to 1.3072 from 1.3923 at 1.2408 next. However, break of 1.3162 will indicate that a short term bottom is at least formed and bring stronger rebound. |
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Trade Idea: GBP/USD – Look to buy lowerDespite yesterday's rebound from 1.5376 to 1.5479, the British pound ran into heavy selling pressure there and has fallen again today, suggesting the decline from 1.5534 is still in progress and may extend weakness to 1.5340/45, however, as broad outlook remains consolidative, downside should be limited and support at 1.5296 is likely to hold from here, then further choppy trading within 1.5296-1.5534 range would continue. Trade Idea: EUR/USD – Look to buy on next declineAlthough the single currency has rebounded after intra-day fall to 1.2642 and consolidation with mild upside bias is seen for test of the Kijun-Sen (now at 1.2705), break of the Ichimoku cloud top (now at 1.2739) is needed to confirm a temporary low has been formed there and bring retracement of the decline from 1.2920 to 1.2767 (yesterday's high), then 1.2780/85 (50% Fibonacci retracement of 1.2920-1.2642) but reckon 1.2810/15 (61.8% Fibonacci retracement) would hold. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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