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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Euro Retreats Mildly ahead of EU Finance Ministers MeetingEuro hovers below recent high against dollar, sterling and swissy as markets await the meeting between EU finance ministers in Brussels on expanding the current debt crisis handling programs. ECB Trichet urged to improve the crisis handling fund in both quantity and quality over the weekend. Regarding "quantity", Trichet should be talking about the amount of up to EUR 440b government guarantees. Regarding quality, Trichet clarified that means the fund should be "as flexible as possible". Luxembourg Prime Minister Jean-Claude Juncker, the chairman, and European Union Economic and Monetary Commissioner Olli Rehn will brief the press later in the day after the meeting. |
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| Featured Technical Report | |
EUR/CHF Daily OutlookDaily Pivots: (S1) 1.2845; (P) 1.2899; (R1) 1.2949; More EUR/CHF's fall from 1.2950 extended further lower today and intraday bias remains neutral. As noted before, rebound from 1.2401 should be correcting whole decline from 1.3833. Another rise could still be seen as long as 1.2724 support holds. Sustained trading above 38.2% retracement of 1.3833 to 1.2401 at 1.2948 will target 61.8% retracement at 1.3286. Though, break of 1.2724 will indicate that such rebound is finished and should flip bias back to the downside for 1.2401 low instead. |
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| 2011 Currency and Monetary Policy Outlook | 2011 Elliott Wave Forecast |
Franc's Safe-Haven Status Remains In 2011, SNB To Tighten In Mid-Year Read more... JPY to be Weighed Down by Lower Yields and BOJ's Additional Easing Read more... Fiscal Tightening the Main Theme for UK in 2011 Read more... Uneven Growth Story Prolongs EZ's Hard Time while Money-Printing Nature in SMP will Send Euro Lower Read more... US - A Shift from Monetary to Fiscal Stimulus Read more... |
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| Economic Indicators Update |
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Trade Idea: GBP/USD – Buy at 1.5745Although the British pound rose marginally to 1.5889 last Friday, lack of follow through buying and the subsequent retreat suggest consolidation would take place and retracement to 1.5810 (Friday's low) would be seen, however, renewed buying interest should emerge around 1.5745 (38.2% Fibonacci retracement of 1.5513 to 1.5889) and bring another upmove later. Trade Idea: EUR/USD – Buy at 1.3180As the single currency retreated after rallying to 1.3458 last week and the Tenkan-Sen has crossed below the Kijun-Sen, suggesting a temporary top has been formed and consolidation with mild downside bias is seen for correction to 1.3245/50 (38.2% Fibonacci retracement of 1.2904 to 1.3458), reckon renewed buying interest would emerge above the Ichimoku cloud bottom (now at 1.3173) and bring another upmove later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||
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