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Mid-Day Report: Euro Still Under Pressure as Focus Turns to France and BelgiumEuro remains under much pressure as worries on the debt crisis never go away and continues to make new record low against Swissy an Aussie. After warning on Spain and downgrade of Ireland by Moody's, markets are now turning their focus to France and Belgium and speculate rating warning. In addition, there are talks that the swap arrangement between ECB and BOE last week underlined the seriousness of Ireland's problem and the fact that it's not fully resolved yet despite the EU/IMF bailout. OECD said that Spain will meet the budget deficit target even if growth undershoots targets and the banking system poses no risk to sovereign solvency. However, such comment is largely ignored by the markets as selling of Euro continues. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9590; (P) 0.9655; (R1) 0.9751; More. Intraday bias in USD/CHF remains neutral for the moment and more consolidations should be seen above 0.9557 short term bottom first. Stronger recovery cannot be ruled out but we'd expect upside to be limited by 61.8% retracement of 1.0065 to 0.9557 at 0.9871 and bring another all. After all, we believe that correction from 0.9462 low is completed with three waves up to 1.0065 already and fall from there is tentatively treated as resumption of the larger down trend. Below 0.9557 should target 0.9462 low and then 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349. |
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Trade Idea Update: EUR/USD – Sell at 1.3240As the single currency has remained confined within a narrow range, retaining our view that near term sideways trading would continue and although the recovery after intra-day marginal fall to 1.3125 suggests consolidation with mild upside bias is seen for retracement to the Kijun-Sen (now at 1.3242), the Ichimoku cloud (now at 1.3280/85) should hold, bring another decline later. Trade Idea: EUR/JPY – Sell at 111.00The single currency finally dropped last Friday, suggesting the 2nd b leg of wave B has possibly ended at 112.20 and bearishness remains for fall to 109.55/60 but break there is needed to confirm and bring 2nd c leg to 109.00 and later retest of 2nd a leg trough at 108.33. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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