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Mid-Day Report: Dollar Lower on Weak Economic Data, Euro Supported by Trichet and Greece OptimismDollar weakens broadly in early US session on weak economic data, and in particular against swiss franc with USD/CHF at new record low. Conference board consumer confidence unexpectedly dropped to 58.5 in June, hitting an eight month low. The data raises worry that next week's job report would should another month of rising unemployment rate, which in turn further prolong Fed's ultra loose monetary policy. S&P Case-shill 20 cities hour price dropped -4.0% yoy in April, the worst figures in seventeen months. Also, backlog of foreclosures as well as falling sales now is still increasing the risks of further price declines. Dollar index breaches 75 level in early US session and remains weak. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8290; (P) 0.8342; (R1) 0.8376; More. USD/CHF drops to as low as 0.8303 so far today and intraday bias remains on the downside for 61.8% projection of 0.8945 to 0.8326 from 0.8550 at 0.8167 first. On the upside, above 0.8358 minor resistance will turn bias neutral and bring consolidations. But break of 0.8550 resistance is needed to signal short term bottoming. Or outlook will remain bearish. |
| Economic Indicators Update |
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Trade Idea Wrap-up: EUR/USD – Buy at 1.4240As the single currency has risen again after finding renewed buying interest at 1.4237, adding credence to our near term bullishness for the rebound from 1.4103 to extend further gain to 1.4400, however, as broad outlook remains consolidative, upside would be limited and resistance at 1.4442 should hold and further choppy trading within early established range of 1.4073-1.4442 would continue. Trade Idea: EUR/GBP – Buy at 0.8855Although the single currency has risen again and test of previous resistance at 0.8976 is underway, break there is needed to add credence to our view that wave 2 has ended at 0.8611 earlier and extend gain to 0.9000, then towards resistance at 0.9043, otherwise, further consolidation cannot be ruled out. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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