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Daily Report: Dollar Lower against Swiss Franc on US Debt Ceiling DeadlockDollar is notably lower against Swiss Franc as the week starts. The deadlock in raising the US debt ceiling raised concerns for a default in the country's credit rating and hurt market sentiment. U.S. House Speaker John Boehner over the weekend claimed that a deal 'was never really close'. The Republicans are not pushing a 2-stage process which would involve an immediate boost to the limit and then policymakers would continue to negotiate a long-term debt-reduction deal. While Boehner stressed that it's 'not physically possible to do all of this in one step', Democrats refused to accept short-term extension with President Barack Obama threatening to veto such a measure. The stalemate in the US Congress triggered S&P to warn of a possible downgrade again. On July 21, the rating agency said that there's at least 50% that US' AAA rating will be cut within 3 months if the debt ceiling cannot be reached by August 2. the development this week will be closely watched by all market participants. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.8129; (P) 0.8188; (R1) 0.8245; More. USD/CHF's break of 0.8081 support confirms resumption of recent down trend. Intraday bias is back on the downside and further decline should be seen through 08 psychological level to 100% projection of 0.8519 to 0.8081 from 0.8277 at 07839. On the upside, break of 0.8277 resistance is needed to signal short term bottoming or otherwise, we'll stay bearish even in case of recovery. |
| Economic Indicators Update |
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Remark: No update on Monday and next Trade Idea update will be made on Tuesday 26 July. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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