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Daily Report: Euro Remains Soft as Merkel and Sarkozy MeetEuro recovered mildly but remains soft against dollar, yen and swissy. Meeting between German Chancellor Angela Merkel and French President Sarkozy will be a major focus today. The two Eurozone leaders are expected to resolve their differences on how private bond holders are to be involved in the second bailout for Greece. A German spokesman emphasized that Finance Minister Wolfgang Schaeuble's proposal to extend Greece bond maturities by seven years is still the core aspect of German's plan. France, on the other hand, opposed to involuntary involvement of private sectors, which position is similar to ECB. EU finance ministers will meet again on June 19-20 in Luxembourg as the June 14 meeting yielded no agreement. However, it's doubtful whether a plan would be completed before July 11. |
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| Featured Technical Report | |
EUR/CHF Daily OutlookDaily Pivots: (S1) 1.1954; (P) 1.2039; (R1) 1.2133; More EUR/CHF hovers around 1.2 psychological level for the moment. At this point, near term outlook remains bearish with 1.2254 resistance intact and current decline is expected to continue. Sustained trading below 1.2 psychological level will pave the way to 100% projection of 1.3833 to 1.2399 from 1.3243 at 1.1809 next. Though, above 1.2254 will indicate short term bottoming, on bullish convergence condition in 4 hours MACD and would bring stronger rebound towards 55 days EMA (now at 1.2487). |
| Special Reports |
SNB Left Rates Unchanged, More Pessimistic On World GrowthAs expected, the SNB left the 3-month Libor target rate at 0.25%. Yet, the tone of the accompanying statement suggests policymakers are increasingly concerned about economic developments. Debt problems in the European periphery, fiscal consolidations in various nations, negative impacts of rising commodity prices on growth and appreciation of Swiss franc are the main issues that the central bank worries about. |
| Economic Indicators Update |
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Trade Idea: GBP/USD – Hold long entered at 1.6085Despite intra-day rebound to 1.6170, as cable has retreated in tandem with euro, suggesting further consolidation would be seen, however, as long as minor support at 1.6101-05 holds, prospect of another rebound remains, break of said resistance would signal a temporary low is formed, bring retracement of recent decline to 1.6200 but reckon 1.6225-35 (previous resistance and current level of the Ichimoku cloud bottom) would limit upside Trade Idea: EUR/USD – Sell at 1.4275 or buy at 1.4010Despite yesterday’s fall to 1.4073, the subsequent rebound from 1.4223 suggests a minor low has been formed there and consolidation with mild upside bias is seen for retracement of recent decline, above said resistance would bring correction to 1.4235 (38.2% Fibonacci retracement of 1.4498-1.4073) but reckon 1.4285-86 (previous support and 50% Fibonacci retracement) should limit upside, bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||
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