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Daily Report: Euro Dived on Greece Default Worry, Risk Aversion BackEuro tumbled broadly yesterday and remains weak in Asian session as talk on Greece debt restructuring overshadowed S&P's downgrade of US sovereign debt outlook. Yield on 2 year Greek bond breached 20% ahead of today's auction on concern of default. 10 Year yield breached 14% and both were Euro-era record, together with spread with German bund. The situation revived deep worry on contagion in the Eurozone, in particular Spain and the worry was clearly reflected in yesterday's poor Spain auction. Technically, the common currency is clearly weak against dollar and swiss franc even though it's still holding above key near term support level against yen and sterling. |
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EUR/CHF Daily OutlookDaily Pivots: (S1) 1.2694; (P) 1.2791; (R1) 1.2852; More EUR/CHF drops to as low as 1.2785 so far and at this point, intraday bias remains on the downside for deeper decline. As noted before, consolidation from 1.2401 might have completed with three waves up to 1.3234 already. Sustained break of 1.2736 will affirm this view and should push EUR/CHF through 1.2401 low to resume the larger down trend. On the upside, break of 1.2948 minor resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish. |
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Trade Idea: EUR/USD – Sell again at 1.4320Despite yesterday's anticipated selloff to 1.4156, as the single currency has rebounded and a candlestick with a long lower shadow was formed there, suggesting further consolidation above this level and retracement to the Kijun-Sen (now at 1.4272) is likely, however, reckon 1.4330 (50% Fibonacci retracement of 1.4504 to 1.4156) would limit upside and bring another decline later. Trade Idea: USD/CHF – Buy at 0.8930Despite yesterday's brief fall to 0.8906, the subsequent sharp rebound to 0.9001 has retained our view that further consolidation above previous support at 0.8896 would take place and break of said resistance at 0.9001 would bring retracement of recent decline to 0.9020 (previous support), however, reckon 0.9059/60 would hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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