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Mid-Day Report: Dollar Mildly Lower as GDP Disappoints, But Stays in RangeDollar is seen mildly weaker in early US session after data showed Q3 GDP growth missed expectation. The US economy grew at 2% annualized rate in Q3, at faster pace comparing to finalized reading of 1.7% in Q2. However, that was slightly below market expectation of 2.2%. GDP Price index rose 2.3% versus expectation of 1.9%. Employment cost index rose 0.4% versus expectation of 0.5%. The data does little to change the view that Fed will expand the QE program next week while the scale remains an unknown. Some volatility might be seen in dollar as the week closes but the greenback will likely stay in range as dust settles. Also just released, Canada GDP rose 0.3% mom in August. IPPI rose 0.2% mom while RMPI dropped -0.4% mom in September. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9788; (P) 0.9848; (R1) 0.9892; More. USD/CHF's recovery is limited below 0.9929 resistance and intraday bias remains neutral for the moment. More consolidations would be seen with risk of another dip. But still, rebound from 0.9462 is expected to continue as long as 0.9662 support holds. Above 0.9929 will target 0.9932/1.0181 resistance zone next. Though, break of 0.9662 minor support will suggest that rebound from 0.9462 is finished and flip bias back to the downside for retesting 0.9462 low first. |
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Trade Idea Update: EUR/USD – Hold long entered at 1.3820Despite intra-day fall to 1.3807, as the single currency found good support at the Ichimoku cloud bottom as suggested in our previous update and staged a rebound from there, retaining our near term bullishness but break of intra-day resistance at 1.3952 is needed to signal the rise from 1.3734 has resumed for a stronger retracement of the fall from 1.4080 to 1.3982. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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