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Daily Report: USD, CHF, JPY Mildly Higher as Egypt Unrest ContinuesSafe haven currencies, dollar, swissy and yen, are mildly firmer in the last trading day of January as Egypt's unrest continues. There are, firstly, concerns that if Egyptian President Hosni Mubarak is forced to resign, there will be another wave of risk aversion trades in the markets. Secondly, there is chance that the turmoil in Tunisia and Egypt will spread to other countries and make the whole Middle East unstable. Risk aversion will likely support dollar, swissy and yen in near term and traders liquidate positions. But we're not seeing clear sign of trend changes yet. That is, swiss franc, which has been in a larger up trend, is the favored one to bet on as the recovery in dollar and yen might eventually turned out to be corrective. |
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EUR/CHF Daily OutlookDaily Pivots: (S1) 1.2748; (P) 1.2873; (R1) 1.2941; More Intraday bias in EUR/CHF remains on the downside for the moment for 1.2724 support first. Break there will confirm the bearish case that corrective rebound from 1.2401 is completed at 1.3067 already. Also, in such case, the larger down trend would likely be resuming for another low below 1.2401, with next target at 61.8% projection of 1.3833 to 1.2401 from 1.3067 at 1.2182. On the upside, however, above 1.3000 minor resistance will dampen this view and bring another rise to extend the correction to above 1.3067 instead. |
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Trade Idea: EUR/USD – Sell at 1.3675Friday's selloff suggests a temporary top has been formed at 1.3760 last week and although euro has recovered after marginal fall to 1.3571 this morning, recovery should be limited to the Kijun-Sen (now at 1.3658) and price should falter below the Ichimoku cloud area (now at 1.3698-1.3709), bring another decline later. Trade Idea: USD/JPY – Stand asideAlthough the greenback has remained under pressure after Friday's selloff and retest of 81.85 support cannot be ruled out, loss of near term downward momentum should prevent sharp fall below there and reckon 81.50 would hold from here and risk has increased for a rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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