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Mid-Day Report: Dollar Lower after S&P Downgrades US Outlook, Euro Extends Pullback on Spain AuctionDollar extends decline against Swiss Franc and Yen in early US session after S&P revised it's outlook for US. While the rating agency kept US's AAA sovereign debt rating, outlook was cut from stable to negative as "more than two years after the beginning of the recent crisis, U.S. policymakers have still not agreed on how to reverse recent fiscal deterioration or address longer-term fiscal pressures." Meanwhile the rating agency "believe there is a material risk that U.S. policymakers might not reach an agreement on how to address medium- and long-term budgetary challenges by 2013." |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8903; (P) 0.8931; (R1) 0.8947; More. With 0.8990 minor resistance intact, intraday bias in USD/CHF remains cautiously on the downside and a break of 0.8895 will extend recent decline towards 61.8% projection of 0.9774 to 0.8921 from 0.9339 at 0.8812 next. On the upside, above 0.8990 will suggest short term bottoming and bring recovery through 4 hours 55 EMA (now at 0.9028). |
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Trade Idea Update: EUR/USD – Sell at 1.4350As the single currency has remained under pressure after intra-day selloff, suggesting the decline from last week's high of 1.4521 is still in progress and further weakness to previous support at 1.4243 would be seen, however, near term oversold condition should prevent sharp fall below 1.4212 (61.8% Fibonacci retracement of 1.4021 to 1.4521) and reckon 1.4190/00 would hold and bring rebound later. Trade Idea: AUD/USD – Buy at 1.0440Despite Friday's rise to 1.0579, as the Australian dollar has retreated after faltering this level today, suggesting consolidation with mild downside bias would be seen and pullback to 1.0490/00 is likely, however, renewed buying interest should emerge around 1.0440/50 and bring another rise later. A break of recent high at 1.0581 is needed to confirm recent upmove has resumed and extend gain to 1.0645/50 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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