George Papandreou's Socialist Pasok party won the vote by 155 to 142


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George Papandreou's Socialist Pasok party won the vote by












Action Insight Market Overview Markets Snapshot

Daily Report: Markets Quiet, Digesting Recent Volatile Moves

Trading is relatively subdued today so far as markets are digesting recent violent moves. Greek Prime Minister George Papandreou's Socialist Pasok party won the vote by 155 to 142 to pass the new property tax bill. The Papandreou stated that 'the Euro zone must now take bold steps towards fiscal integration to stabilize the monetary union. Let's not allow those who are betting against the euro to succeed'. Euro is steady on the news as, as usual, implementation is the major problem given the number of strikes and demonstrations against austerity measures.
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Featured Technical Report

USD/JPY Daily Outlook

Daily Pivots: (S1) 76.40; (P) 76.66; (R1) 77.07; More.
USD/JPY still staying in tight range above 76.11 temporary low and intraday bias remains neutral. Recent sideway consolidations might extend further. On the upside, while another recovery cannot be ruled out, we'd expect strong resistance from near term falling trend line (now at 77.86) to to limit upside. On the downside, break of 75.94 low will confirm resumption of whole fall from 85.51 and would target 70 psychological level.
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Economic Indicators Update
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GMT Ccy Events Actual Consensus Previous Revised

EUR German CPI M/M Sep P
-0.10% 0.00%

EUR German CPI Y/Y Sep P
2.40% 2.40%
12:30 USD Durable Goods Orders Aug
-1.00% 4.00%
12:30 USD Durables Ex Transportation Aug
0.20% 0.70%
14:30 USD Crude Oil Inventories
1.1M -7.3M
Orders and Options Watch

European Session: Orders and Options Watch

EUR: The single currency retreated after yesterday's rise to 1.3669 on uncertainty over Greek bailout plan, fresh risk aversion also pressured euro, bids at 1.3550-60 were filled and some stops below 1.3550 were triggered as price dropped to as low as 1.3541. Traders are awaiting Finnish parliament votes on expansion of EFSF later today. At the moment, more buying interest is tipped from 1.3530 down to 1.3500 with next batch of stops seen below 1.3460-70. On the upside, offers are reported at 1.3650-60 with stops seen above 1.3670 and mixture of offers and stops is located at 1.3700-10.
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Forex Trade Ideas

Trade Idea: USD/CHF – Buy at 0.8900

Although dollar has rebounded after yesterday’s fall to 0.8925, as long as the Ichimoku cloud (now at 0.9044-69) holds, near term downside risk remains for the fall from 0.9183 top to bring a stronger retracement of recent upmove, break of said support would extend fall to 0.8915 (50% Fibonacci retracement of 0.8647-0.9183) but reckon support at 0.8886 would hold and bring another rebound later.
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Trade Idea: USD/JPY – Hold long entered at 76.36

Despite overnight rally to 76.94, the greenback once again ran into heavy offers from exporters below indicated strong resistance at 76.97-77.00 and has retreated sharply this morning in Tokyo, suggesting further consolidation would be seen, however, as long as indicated support at 76.10 holds, mild upside bias remains for another rebound towards 76.97-77.00.
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Candlesticks Intraday Trade Ideas Update Schedule (GMT):
1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530
Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF
Elliott Wave Daily Trade Ideas Update Schedule (GMT):
AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500
Suggested Readings
Fundamental Highlights
Technical Highlights

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