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Mid-Day Report: Euro Selling Back after Greece DowngradeEuro is back under pressure in early US session after Standard & Poor's downgraded Greece's credit rating. Long-term rating and short-term rating were downgrade from BB- and B to B and C. Meanwhile, the rating agency is still keeping Greece on credit watch. S&P noted that "increasing sentiment among Greece’s key euro-zone official creditors to extend the debt payment maturities of their €80 billion of bilateral loans pooled by the European Commission". Greece finance ministry objected by saying that the downgrade came "at a time when there have been no new negative developments or decisions since the last rating action by the agency just over a month ago and therefore is not justified." |
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EUR/CHF Mid-Day OutlookDaily Pivots: (S1) 1.2519; (P) 1.2633; (R1) 1.2691; More EUR/CHF's fall extends further to as low as 1.2548 so far in early US session and intraday bias remains on the downside for 1.2401/32 support zone. As noted before, consolidation pattern from 1.2401 should have completed at 1.3234 already and fall from there is resuming the larger down trend. Break of 1.2401 will target 161.8% projection of 1.3234 to 1.2728 from 1.2961 at 1.2142 next. On the upside, above 1.2628 minor resistance will turn bias neutral and bring recovery. But upside should be limited below 1.2971 resistance and bring fall resumption. |
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Trade Idea Update: USD/CHF – Buy at 0.8680 or sell at 0.8830Although the greenback has rebounded after intra-day retreat from 0.8815 to 0.8722, above said resistance is needed to signal the rise from 0.8554 low is still in progress and extend one more rise towards 0.8835/40 but loss of momentum would limit upside and bring another retreat later. Below said minor support at 0.8722 would bring retracement towards support at 0.8677 (Friday's low) but the Ichimoku cloud top (now at 0.8666) should limit downside, bring another rise later. Trade Idea: AUD/USD – Sell at 1.0875 or buy at 1.0670As aussie has rebounded after last week's fall to 1.0537, suggesting consolidation above this level would continue and recovery to 1.0830/35 (61.8% Fibonacci retracement of 1.1012 to 1.0537) is likely but renewed selling interest should emerge around 1.0850/60 and 1.0930/35 should hold, bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||
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