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| Action Insight | Candlesticks Trades | Markets Summary | Action Bias | Top Movers | Daily Technicals |
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| Action Insight Market Overview | Markets Snapshot |
Dolllar Falls Versus Other Major Currenecies on Weaker-than-Expected U.S. Q2 GDPThe greenback tumbled across the board after the release of weaker-than-expected U.S. GDP data which showed U.S. economy grew at a slower pace of 1.3% in Q2 versus forecast of 1.7% and previous quarter number was also largely revised downward from 1.9% to only 0.4%. Swiss franc surged sharply to another record high of 0.7876 (cleared stops at 0.7990 and option barriers at 0.7950 and 0.7900 without much resistance). Safe-haven demand continued to support the Swiss franc as both U.S. and eurozone are facing their own debt problem, the movements in Swissy has been pretty much one-sided, no bids are reported on the way down and more option barriers are tipped at 0.7850 and further out at 0.7800 with offers lined up from as low as 0.7900 up to 0.7900 and mixture of offers and stops is seen at 0.7990-0.8000. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9459; (P) 0.9491; (R1) 0.9523; More. USD/CAD's rebound from 0.9406 extends further to as high as 0.9565 in early US session and the break of 0.9530 suggests that a short term bottom is formed at 0.9406, on bullish convergence condition in 4 hours MACD. Intraday bias is now mildly on the upside for further rise to near term falling trend line (now at 0.9625). On the downside, below 0.9497 minor support will flip bias back to the downside for retesting 0.9406 first. Break will extend recent decline towards 61.8% projection of 1.0671 to 0.9444 from 0.9912 at 0.9154. |
| Special Reports |
Swiss Franc Surges on Poor US GDP and Spain, USD/CHF, EUR/CHF, GBP/CHF at New Record LowsThe Swiss franc jumps to new record high against Dollar, Euro and Sterling today as risk aversion dominates the markets. Q GDP data from US was shockingly poor. Real GDP grew at 1.3% annualized pace in Q2, substantially below market expectation of 1.7%. Prior quarters figure was also revised down from 1.9% to a very poor 0.4%. While GDP has now increased for eight straight quarters, the poor growth rate suggests that the US economy is still finding much difficulty in gathering sustainable momentum for recovery. Data from Canada was also poor, with GDP showing -0.3% mom contraction in May versus expectation of 0.1% mom. |
| Economic Indicators Update |
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Trade Idea Update: GBP/USD – Target met and buy again at 1.6300Despite intra-day brief fall to 1.6261, lack of follow through selling on break of previous support at 1.6262 and current anticipated rebound suggest the fall from 1.6440 has possibly ended at 1.6261 and consolidation with mild upside bias remains for a test of resistance at 1.6383, break there would add credence to this view and extend gain to 1.6400, then retest of recent high of 1.6440. Trade Idea: EUR/JPY – Sell at 111.75As the single currency has remained under pressure, suggesting the rebound from 109.58 has possibly ended there and consolidation with downside bias is seen for further weakness to 110.00, however, break of said support at 109.58 is needed to confirm the decline from 123.33 has resumed and extend fall towards 109.00. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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