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Daily Report: Dollar Broadly Lower, Swiss Makes Record HighsThe economic data triggered selloff in dollar extends further today, sending the greenback broadly lower. Overnight comments from EU Juncker triggered brief pull back in EUR/USD but that was quickly overshadowed by weakness in the greenback. Drop in treasury yield is also seen as another factor weighing on the dollar as 10 year yield drops to a six-month low over night. Swiss franc jumped to new record high against dollar and euro as IMF urged SNB to raise rates. Meanwhile, Kiwi extends recent rally to a three year high, taking the Aussie higher too. |
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| Featured Technical Report | |
AUD/USD Daily OutlookDaily Pivots: (S1) 1.0553; (P) 1.0601; (R1) 1.0692; More The break of 1.0710 resistance suggests that AUD/USD's correction from 1.1010 has likely completed at 1.0440 already, ahead of 50% retracement of 0.9704 to 1.1010 at 1.0357. Intraday bias is back on the upside and further rise should now be seen to retest 1.1010 high first. Break will confirm up trend resumption and should target 61.8% projection of 0.9704 to 1.1010 from 1.0440 at 1.1247 next. On the downside, break of 1.0440 is needed to invalidate this view. Otherwise, outlook will now remain cautiously bullish even in case of retreat. |
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