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Daily Report: EUR/USD Recovers Mildly on Permanent Rescue Facility, But EUR/CHF Makes New Record LowEuro recovers mildly against the greenback after EU leaders agreed to setup a permanent rescue facility, the European Stability Mechanism after 2013. The were no details on the size of the new fund but it's believed that it will be broadly inline with the current temporary EUR 750b fund. Discussion about the introduction of "E-bonds" was kept off the agenda, though. Also, ECB said it will boost capital nearly double to EUR 10.76b, starting December 29. The move was seen as an insurance to offset potential lose of securities holdings as well as collateral losses. EUR/USD manages to recover ahead of 1.3164 near term support while EUR/GBP also recovers ahead of 0.8450 near term support. However, EUR/CHF continues to make record low at 1.2719 today and remains weak. |
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| Featured Technical Report | |
EUR/CHF Daily OutlookDaily Pivots: (S1) 1.2714; (P) 1.2791; (R1) 1.2846; More EUR/CHF's fall resumes after brief recovery and reaches as low as 1.2719 so far. Intraday bias remains on the downside for further decline. As noted before, sustained trading below 1.2765 key support level will confirm resumption of larger down trend and should target 61.8% projection of 1.5138 to 1.2765 from 1.3833 at 1.2366 next. On the upside, above 1.2868 minor resistance will turn intraday bias neutral and bring consolidations. But outlook will remain bearish as long as 1.3204 resistance holds. |
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SNB Left Target Rate Unchanged To Curb Franc AppreciationAs expected the SNB left the 3-month LIBOR range at 0-0.75% as appreciation in Swiss franc has weakened the country's export-led economic growth. Meanwhile, the central bank cut its inflation outlook for 2012 and 1H13 but raised the 2011 forecast modestly. Growth estimates stayed unchanged at +2.5% and +1.5% for 2010 and 2011 respectively. |
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Trade Idea: USD/CHF – Sell at 0.9625Despite yesterday's brief rise to 0.9735, the subsequent selloff in part due to active cross-buying in Swiss franc signals the decline from 1.0067 has resumed and further weakness to 0.9520/25 and possibly 0.9495 (1.236 times projection of 1.0067 to 0.9726 measuring from 0.9916) would be seen, however, oversold condition would limit downside and reckon previous support at 0.9463 would remain intact. Trade Idea: GBP/USD – Stand asideAs the British pound has edged higher again after yesterday's brief retreat from 1.5633 to 1.5562, suggesting a temporary low has been formed at 1.5531 earlier this week and consolidation with mild upside bias is seen for retracement of this week's fall to 1.5676-78 (38.2% Fibonacci retracement of 1.5911 to 1.5531 and 61.8% Fibonacci retracement of 1.5769-1.5531), however, reckon 1.5720-21 (previous support and current level of the Ichimoku cloud top (now at 1.5721) would hold Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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