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Mid-Day Report: Swiss Franc and Yen Jump after Poor ADP Job DataMarkets are driven by economic data today. Swiss Franc and Japanese Yen are both sharply high in early US session after disappointing US job data. The ADP employment report showed that private job market in US expanded by merely 38k in May, much lower than market's expectation of 178k. That was indeed the worst number since September. It raised worries that Friday's Non-farm payroll report is going to miss expectation of 190k growth. The Challenger report also showed planned layoff rose 1.8% in May while year-over-year, it dropped - 4.3%. USD/CHF dives to new record low of 0.8426 so far while USD/JPY is back below 81 level. |
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| Featured Technical Report | |
EUR/CHF Daily OutlookDaily Pivots: (S1) 1.1974; (P) 1.2146; (R1) 1.2235; More The break of 1.2100 support indicates that recent down trend in EUR/CHF has resumed and intraday bias is back on the downside for 1.2 psychological first. Sustained break will target 100% projection of 1.3833 to 1.2401 from 1.3234 at 1.1802 next. On the upside, break of 1.2316 resistance is needed to signal short term bottoming. Otherwise, we'll stay bearish even in case of recovery. |
| Special Report |
BOC Left Policy Rate at 1%, Statement More HawkishWhile BOC's maintenance of the overnight rate at 1% is widely expected, the surprise comes from the policy statement which appears more hawkish than previously anticipated. Policymakers showed their concerns about inflationary pressures that have been driven by rising commodity prices. The central bank stated that current stimulus measures will be 'eventually withdrawn' as the economy improves further and excess supply continues to be absorbed. |
| Economic Indicators Update |
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Trade Idea: USD/CHF – Buy at 0.8325 or sell at 0.8545Although the greenback has recovered after yesterday's selloff to 0.8383, above previous support at 0.8457 is needed to suggest a temporary low is possibly formed and bring retracement to the Ichimoku cloud area (now at 0.8507-21), however, renewed selling interest should emerge around previous resistance at 0.8547, bring another decline later. A break of said support would extend recent downtrend towards 0.8325/30 Trade Idea: EUR/USD – Hold long entered at 1.4310Despite intra-day fall to 1.4308, as the single currency has found decent demand there and has rebounded (a hammer candlestick pattern was formed on the hourly chart), suggesting the pullback from 1.4459 has possibly ended there and consolidation with upside bias is seen for test of the Ichimoku cloud top (now at 1.4406). Having said that, break of said resistance at 1.4459 is needed to signal upmove has resumed Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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