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Mid-Day Report: Euro Makes New Record Low Against Swiss FrancEuro drops to new record low against Swiss Franc today as the common currency remains broadly pressured on political uncertainties in Greece. The situation is, the government's austerity plan was objected by the opposition party. And a government spokesman said today that there is no immediate plan to hold a referendum, quashing the speculation of a possible vote. The deadlock could jeopardize both payments of the next installment of EUR12b due in June as well as talks over a second bailout of EUR 60b. There is one piece of positive news though, as Finland approved Portugal's EU/IMF bailout. |
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EUR/CHF Mid-Day OutlookDaily Pivots: (S1) 1.2368; (P) 1.2417; (R1) 1.2458; More EUR/CHF's declined resumed today and drops to as low as 1.2292 so far. Intraday bias is back on the downside for 1.2 psychological level next. On the upside, above 1.2467 will turn bias neutral and bring recovery. But break of 1.2700 resistance is needed to signal reversal. Otherwise, outlook will remain bearish. |
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Trade Idea Update: USD/CHF – Sell at 0.8810Dollar's breach of last week's low at 0.8747 confirms the fall from 0.8947 top has resumed and bearishness remains for retracement of recent upmove towards previous support at 0.8708, however, near term oversold condition should limit downside to 0.8677 and reckon 0.8650 would hold from here, bring another rebound later this week. Trade Idea: USD/CAD – Buy at 0.9690Although the greenback has eased after intra-day rise to 0.9817 and mild downside bias is seen for pullback to 0.8690/00, reckon support at 0.8664 (this week's low) would hold and bring another rise, a break of said resistance would extend the wave 4 from 0.9446 for a stronger retracement of recent decline to 0.9828 (50% Fibonacci retracement of 1.0209-0.9446) and then to the resistance at 0.9844 but reckon 0.9900 would hold from here Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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