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Daily Report: Dollar, Swissy, Yen, Jump on Libyan Unrest; Kiwi Down on EarthquakeSafe haven currencies including dollar, swissy and yen, jump sharp as risk aversion dominates Asian session on Libyan unrest. Asian equities are broadly lower with Nikkei down -1.7% while crude oil jumps to two year high on concern of production destruction. Gold also breached 1410 level on safe haven bid. Kiwi is the weakest currency this week, additionally hurt by earthquake in Christchurch, Aussie closely followed in spite of strength in commodities. |
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| Featured Technical Report | |
EUR/CHF Daily OutlookDaily Pivots: (S1) 1.2921; (P) 1.2949; (R1) 1.2975; More EUR/CHF's fall resumes after brief consolidations and reaches as low as 1.2861 so far today. Intraday bias remains on the downside and deeper decline should be seen to 1.2779 support next. Break will target 61.8% retracement of 1.2401 to 1.3203 at 1.2707 and below. On the upside, above 1.2990 minor resistance will turn bias neutral and bring recovery. But upside should be limited below 1.3203 high and bring fall resumption. |
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Trade Idea: EUR/USD – Sell at 1.3645Euro's intra-day selloff on cross-selling against Japanese yen due to risk aversion suggests a top has been formed at 1.3727 yesterday and consolidation with downside bias is seen for a test of support at 1.3545 but a sustained breach below there is needed to signal the rise from 1.3428 has ended at 1.3727 and bring further fall to 1.3500 but reckon support at 1.3462 would hold from here. Trade Idea: USD/JPY – Hold short entered at 83.40Although the greenback dropped sharply overnight after meeting selling interest just below previous resistance at 83.54, as the currency pair has rebounded this morning in part due to the downgrading of Japan rating by Moody, suggesting caution on our short position entered at 83.40 and said resistance needs to hold to retain bearishness for decline from 83.98 top to resume after consolidation. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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