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Daily Report: Dollar Pressured as Asian Data Boosts Risk AppetiteDollar remains under much pressured today as risk appetite is lifted by solid data from Asia. HSBC China manufacturing PMI rose for the second month to 52.9, the highest reading in five months, suggesting the economy is gaining momentum again. The data is also seen as a signal that another multi-month upswing has started in China as officials strengthened its commitment on completing the stimulus projects. From Japan, the quarterly Tankan large manufacturing index rose sharply from 1 to 8 in Q3 versus expectation of 7. Non-manufacturing index rose from -5 to 2 versus expectation of -2. Dollar index broke 79 level overnight after poor consumer confidence reading and continues to trade below 79 so far today. EUR/USD stays firmly above 1.35 level while old stays above 1311 level, reflecting market's expectation on more quantitative easing from Fed going forward. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9702; (P) 0.9790; (R1) 0.9843; More. USD/CHF's decline resumed by taking out 0.9779 and reaches as low as 0.9752 so far, meeting mentioned target of 61.8% projection of 1.1729 to 1.0330 from 1.0624 at 0.9759. Intraday bias is back to the downside and further decline should now be seen towards 2008 low of 0.9634. On the upside, above 0.9877 minor resistance will turn intraday bias neutral and bring recovery. But after all, break of 1.0181 resistance is needed to signal bottoming. Otherwise, outlook will remain bearish. |
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| Candlesticks and Ichimoku Intraday Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Buy at 1.3560As the single currency has maintained a firm undertone after yesterday's rally, suggesting recent upmove is still in progress and further gain towards 1.3640-50 would be seen, however, near term overbought condition should limit upside and reckon previous resistance at 1.3692 would remain intact. Trade Idea: GBP/USD – Hold short entered at 1.5860Although the British pound has continued to move higher after rebounding from yesterday's low of 1.5718, as top has been formed at 1.5896, reckon upside would be limited and bring another retreat, below the Kijun-Sen (now at 1.5808) would suggest an intra-day top is possibly formed, break of 1.5780/85 would confirm and bring another fall to 1.5718 and later to 1.5700 (50% Fibonacci retracement of 1.5503 to 1.5896) but reckon 1.5642-53 (previous support and 61.8% Fibonacci retracement) would hold, bring upmove later this week. | Suggested Readings | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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