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Daily Report: USD/CHF at Record Low on Safe Haven Flow, Heading to 0.9Swiss Franc soars to record high against dollar as worry on the middle east situation intensified. Crude oil breached 100 level overnight on the fact that the developments in Libya has caused production cut by 25%. Markets are seeing no ends in sight in the turmoil in Middle East and North Africa and are deeply concerned that the current developments will spread to other countries in the region, in particular other large oil production countries like Saudi Arabia. Safe have currency Swiss Franc is strong across the board, followed by Japanese yen. However, dollar once again lagged as it remains soft against Euro and Sterling on rate speculation over ECB and BoE. USD/CHF breached key support level of 0.9300 and should be heading towards 0.9 psychological level now. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9294; (P) 0.9342; (R1) 0.9378; More. USD/CHF drops to as low as 0.9273 so far today and the break of 0.9300 support confirms resumption of the larger down trend. Intraday bias remains on the downside and current fall should now be targeting 100% projection of 1.0065 to 0.9300 from 0.9774 at 0.9009, which coincides with major medium term target. On the upside, above 0.9391 minor resistance will turn bias neutral and bring recovery. But upside should be limited by 4 hours 55 EMA and bring another fall. |
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Trade Idea: USD/CHF – Sell at 0.9400Current breach of 0.9301 support signals the medium term downtrend has resumed and further weakness to 0.9270 and possibly to 0.9250 would be seen, however, near term oversold condition would limit downside to 0.9200 today and risk has increased for a corrective rebound to take place soon. Trade Idea: USD/JPY – Sell at 82.60As the greenback has continued to move lower after meeting renewed selling interest right below the Kijun-Sen yesterday, suggesting the decline from 83.98 is still in progress and further weakness to support at 81.77 would be seen, however, near term oversold condition should limit downside and recent low at 81.10 should remain intact, bring rebound later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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