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Mid-Day Report: Euro Rebounds on Hawkish MerschEuro staged a strong rebound earlier after getting boost from ECB council member Yves Mersch's hawkish comments. Mersch said that he wouldn't be surprised at "most colleagues concluding that we have upside risks to price stability."And Mersch pointed out that a main question is whether inflation in 2011 is "temporary hump" or is "translating into a plateau" and that "very much depends on second-round effects.” He also hinted that ECB might toughen it's language on the statement next week. ECB will publish new economic projection next week is expected to raise 2011 inflation projection from 1.8% estimate made in December. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9436; (P) 0.9462; (R1) 0.9492; More. USD/CHF's fall from 0.9774 resumes after brief consolidation and reaches as low as 0.9379 in early US session. Intraday bias is back to the downside for 0.9300/29 support zone. Decisive break there will confirm resumption of medium term down trend. Next short term target will be 100% projection of 1.0065 to 0.9300 from 0.9774 at 0.9009, which coincides with major medium term target. On the upside, above 0.9506 minor resistance will turn bias neutral and bring recovery. But upside should be limited well below 0.9774 resistance and bring another fall. |
| Economic Indicators Update |
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Trade Idea Update: USD/CHF – Sell at 0.9475As the greenback has remained under pressure after breaking support at 0.9415 (yesterday's low), suggesting the decline from 0.9776 is still in progress and further weakness towards 0.9344 (50% projection of 0.9739-0.9415 measuring from 0.9506) would be seen, however, near term oversold condition should limit downside to 0.9329 support bring a strong rebound later this week. Trade Idea: USD/CAD – Sell at 0.9900As the greenback has rebounded after holding above indicated support at 0.9816 (last week's low), suggesting further consolidation above this level would take place and retracement to 0.9904 (last week's high) cannot be ruled out, however, reckon 0.9945/50 would hold and bring another decline later. A break of said support would confirm recent decline has resumed and extend weakness to 0.9760/70 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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