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| Action Insight Weekly Report | Markets Snapshot |
USD, JPY, CHF Sold Off, EUR Benefited MostEuro was the biggest winner in a week that's full of market moving events and volatile. The compromised Basel III accord was a relief to European banks. Dollar was sold off on speculation that Fed will launch second round of quantitative easing program later in November and the news also sent Gold to new record high. Japanese yen was sharply lower as Japan finally intervened in the currency markets. Swiss Franc tumbled after a dovish SNB statement. Commodity currencies had their problems too. New Zealand dollar was pressured by the dovish RBNZ statement. Canadian dollar failed to hold on to gains on dovish comments from BoC officials. While Aussie did managed to rise broadly, we believe the gain was limited by concern of tightening measures from China. |    |
| Featured Technical Report | |
EUR/JPY Weekly OutlookEUR/JPY rebounded strongly to as high as 112.96 last week before forming a temporary top there and retreated. Initial bias is neutral this week and some sideway trading should be seen first. But downside should be contained by 109.54 resistance turned support and bring another rise. A short term bottom should at least be formed at 105.42 and hence, we'd expect another rise after completing the brief consolidations. Above 112.96 will target 114.72 resistance and above. |
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The Week in Review and Preview |
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