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| Action Insight Market Overview | Markets Snapshot |
Daily Report: Dollar Back Under Pressure, USD/CHF at Record LowDollar index's recovery was rather brief and dips to 74.66 in Asian session today to extend recent decline. Recovery in commodities, in particular in precious metals, is a main driving force in the current decline in the greenback. Silver takes the lead and recovers to above 41 level and is set to test recent high again. Meanwhile gold follows and is staying firm above 1460. USD/CHF makes new record low at 0.8895 on broad based strength in swissy. The greenback manages to stay above recent low of 1.4519 but is vulnerable to deeper fall should crude oil could extend yesterday's recovery. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.8930; (P) 0.8960; (R1) 0.8993; More. USD/CHF's drops to as low as 0.8895 so far today and the break of 0.8921 support indicates that the larger down trend has resumed. Intraday bias remains on the downside for 61.8% projection of 0.9774 to 0.8921 from 0.9339 at 0.8812 next. On the upside, above 0.8990 minor resistance will turn bias neutral and bring recovery. But upside should be limited around 4 hours 55 EMA and bring fall resumption. |
| Special Reports |
Beige Book Shows Widespread Improvements In Virtually Every DistrictThe Beige Book based on information collected before April 4 2011 was modestly upbeat. The economy in the 12 regional Fed districts 'generally continued to improve'. The Fed stated that 'while many districts described the improvements as only moderate, most districts stated that gains were widespread across sectors'. Concerning recent surges in commodity prices, the survey revealed that pressures to increase wages were 'weak or subdued'. BOC Leaves Rates Unchanged. Raises Growth OutlookThe BOC left the overnight rate at 1% but delivered slightly more hawkish accompanying statement as domestic economic growth has been running faster than expected. The central bank revised higher its growth forecast for 2011 but downgraded that for 2012. Concerning inflation, policymakers viewed recent upward price pressures as only 'temporary' as driven 'recent sharp increases in energy prices and the ongoing boost from changes in provincial indirect taxes'. |
| Economic Indicators Update |
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| Forex Trade Ideas | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: EUR/USD – Buy at 1.4420Despite intra-day marginal fall to 1.4407, as the single currency has staged a strong rebound from there, suggesting a retest of this week's high of 1.4520 would be seen, break there would extend recent upmove to 1.4545/50 (50% projection of 1.4152-1.4489 measuring from 1.4377) and possibly 1.4563 (1.618 times projection of 1.4152 to 1.4350 measuring from 1.4243), however, near term overbought condition should prevent sharp move beyond 1.4600 Trade Idea: USD/CHF – Sell at 0.9020Despite intra-day fall to 0.8896, as the greenback has rebounded on short-covering, suggesting consolidation would take place and retracement to the Ichimoku cloud bottom (now at 0.8988) would be seen, however, renewed selling interest should emerge around 0.9020-24 (previous support and current level of the Ichimoku cloud top), bring another decline later. A break of said support would extend recent decline for a retest of previous support at 0.8853 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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