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Daily Report: Swiss Franc Surges on Safe-Haven Demand Due to Debt Problems in Eurozone and U.S.The single currency and the greenback both cam under pressure in the start of the week due to debt woes, Swiss franc benefited and hit record highs against both currencies on safe-haven flows, euro opened lower today and quickly hit fresh low of 1.1365 against the Swiss franc and the Swissy also tumbled below previous low of 0.8080 to as low as 0.8034, the gold also surged to historical high of $1598.41 this morning as investors rushed to a safety place to put their capital due to Eurozone sovereign debt crisis and U.S. debt ceiling problem. |
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| Featured Technical Report | |
EUR/CHF Daily OutlookDaily Pivots: (S1) 1.1482; (P) 1.1540; (R1) 1.1587; More EUR/CHF dives again at the week starts and reaches as low as 1.1405 so far. Intraday bias remains on the downside and further fall should now be seen to next cluster level at 1.0903/23 (100% projection of 1.3243 to 11082 from 1.2344 at 1.0903 and 161.8% projection of 1.3833 to 1.2399 from 1.3243 at 1.0923). On the upside, above 1.1597 minor resistance will suggest short term bottoming and bring rebound to 1.1802 support turned resistance and above. |
| Special Reports |
BOC To Leave Rates Unchanged Despite Narrowing Output GapWhile Canada's economy has shown some positive signs recently, the BOC would not hurry for a rate hike this month given the uncertainties in the global economic environment. While policymakers will likely reiterate the comment that 'some of the considerable monetary policy stimulus currently in place will be eventually withdrawn', an actual increase in interest rate may not arrive until 4Q11. |
| Economic Indicators Update |
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Trade Idea: GBP/USD – Buy at 1.6050Although cable has recovered after intra-day fall to 1.6065, above resistance at 1.6177 is needed to signal the correction from 1.6195 has ended there and bring a resumption of last week’s rise from 1.5781 for a retest of 1.6195, then towards 1.6240/45 (1.618 times projection of 1.5781-1.5989 measuring from 1.5906) but previous resistance at 1.6263 should hold and bring retreat later. Trade Idea: USD/JPY – Hold long entered at 78.55The greenback is expected to remain confined within near term established narrow range, so further consolidation would take place but as we are keeping our view that last week’s rebound from 78.45 to 79.61 signals a temporary low is possibly formed there, mild upside bias remains for another bounce to said resistance but a sustained breach above there is needed to add credence to our view and bring retracement of recent decline towards 80.00 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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