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Daily Report: Dollar Stabilizes after Data Driven RallyDollar stabilizes in Asian session after yesterday's data triggered strong rally. The outlook against Euro and Sterling remains unchanged. We're viewing recent price actions as consolidative and favor another fall in EUR/USD and GBP/USD. USD/CHF seemed to have drew strong support from a long term projection target and is possibly building strength for further rebound. USD/JPY's strong rebound also suggests it's possibly extending the whole correction pattern that started in last October and would probably head further higher in near term. The tricky ones are commodity pairs where there aren't solid evidence of topping in AUD and CAD yet. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9522; (P) 0.9604; (R1) 0.9739; More. USD/CHF's rebound from 0.9300 extends further to as high as 0.9684 so far and the break of 0.9663 resistance argues that whole decline from 1.0065 is finished. Intraday bias will remain on the upside for the moment and sustained trading above 0.9663 will affirm this view and bring even stronger rally to retest 1.0065. On the downside, note that break of 0.9468 support will indicate that rebound form 0.9300 is finished. However, before that, we'd still favor another rise even in case of retreat. |
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| 2011 Currency and Monetary Policy Outlook | 2011 Elliott Wave Forecast |
JPY to be Weighed Down by Lower Yields and BOJ's Additional EasingFiscal Tightening the Main Theme for UK in 2011Uneven Growth Story Prolongs EZ's Hard Time while Money-Printing Nature in SMP will Send Euro LowerUS - A Shift from Monetary to Fiscal Stimulus |
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| Economic Indicators Update |
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Trade Idea: EUR/USD – Sell at 1.3225As the single currency has remained under pressure after yesterday's selloff on dollar's broad-based rally due to the release of solid U.S. data, adding credence to our view that top has been formed at 1.3435 and bearishness remains for weakness to 1.3109 and then towards 1.3083 Trade Idea: USD/JPY – Buy at 82.60As the greenback has eased after intra-day marginal rise to 83.39 (yesterday's high is 83.38), suggesting consolidation would take place and retracement to 82.90/95 is likely, however, renewed buying interest should emerge around 82.60/65 (current level of the Kijun-Sen), bring another upmove later towards 83.50 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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