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Daily Report: EUR/USD Upside Limited, BoE Minutes in FocusIn spite of yesterday's strong rebound, EUR/USD is still stuck in this week's range, caught between two opposing forces. Investors are still deeply worried on further escalation in the situation in Libya after leader Moammar Gadhafi resisted to step down and vowed to fight to his "last drop of blood". On the other hand, the common currency is strongly supported by expectation that ECB will toughen its inflation languages on next week's meeting after recent comments from officials. Interest rate futures showed the market has first speculated the central bank will raise rates by +25 bps in August, compared with Monday when first hike was not seen fully priced in until September. ECB President Jean-Claude Trichet and council member Guy Quaden will speak in Liege, Belgium, later today and will catch much attention. |
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| Featured Technical Report | |
GBP/USD Daily OutlookDaily Pivots: (S1) 1.6080; (P) 1.6154; (R1) 1.6207; More. GBP/USD drew some support from 4 hours 55 EMA and recovers but upside is still limited below 1.6276 resistance. Consolidations from there might still continue with risk of another fall. Below 1.6100 minor support will flip bias back to the downside for 1.5962 support. Nevertheless, we'll stay bullish in GBP/USD as long as 1.5750 support holds and expect another rally eventually. Decisive break of 1.6276 will confirm that whole rise from 1.5343 has resumed. In such case, GBP/USD should target 61.8% projection of 1.4230 to 1.6298 from 1.5343 at 1.6621 next. |
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Trade Idea: GBP/USD – Buy at 1.6155As cable has rebounded again on the back of euro's firmness, suggesting the correction from 1.6264 has possibly ended at 1.6101 yesterday and consolidation with upside bias is seen for gain to yesterday's high at 1.6229, break there would confirm this view and bring a retest of said resistance at 1.6264. Looking ahead, once this level is penetrated, this would signal the rise from 1.5963 has resumed and bring test of 1.6279, then towards recent high at 1.6300 later. Trade Idea: USD/CHF – Sell at 0.9475Although the greenback has remained under pressure and weakness to previous support at 0.9329 is likely, loss of downward momentum should prevent sharp fall below there and chart support at 0.9301 should hold, bring a rebound later. Above the Kijun-Sen (now at 0.9425) would bring retracement towards the Ichimoku cloud (now at 0.9479-85) where renewed selling interest should emerge, bring another decline later to said support level. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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