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Daily Report: Markets Steady as G20 Leaders MeetMarkets are generally steady as G20 summit in South Korea starts today. Currency war with be a major theme of the meeting and there are speculations that members will pledge to refrain from competitive undervaluation of their currencies in a joint statement after the meeting. US would push for FX and trade target plan in the meeting. Such proposal would have emerging economies cutting into their current account surpluses and allow their currencies to rise. But it's believed that such proposal will face strong opposition from G20 members. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9631; (P) 0.9656; (R1) 0.9701; More. USD/CHF's brief retreat from 0.9755 might be finished and intraday bias is cautiously on the upside for the moment. Break of 0.9755 will indicate that rebound from 0.9462 has resumed and should target 0.9932/1.0181 resistance zone next. On the downside, below 0.9571 will flip intraday bias back to the downside for retesting 0.9462. Nevertheless, decisive break there is needed to confirm down trend resumption. Otherwise, we'd expect more consolidations first. |
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Trade Idea: EUR/USD –Buy at 1.3905Although euro's retreat from yesterday's high of 1.4051 has extended marginal weakness to 1.3889, as the Ichimoku cloud top has contained downside and price has rebounded, suggesting consolidation with upside bias would be seen but a sustained breach above 1.4000 is needed to signal the pullback from 1.4051 has ended and bring a retest of this level later. Trade Idea: USD/JPY – Sell at 81.70Although the greenback has retreated after failing to break the Ichimoku cloud top, a sustained breach below support at 80.84 is needed (there are still talks of sizeable stops placed below 80.80) to signal recent downtrend has resumed and extend weakness 80.50 (more stops are located there), however, still reckon the psychological support at 80.00 would limit downside and record low of 79.75 would hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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