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Daily Report: Swiss Franc Regains Strength on Solid DataSwiss Franc is regaining some strength in early European session after solid economic data. Swiss retail sales jumped sharply by 7.5% yoy in May, comparing to -0.2% yoy fall in April. SVME PMI also unexpectedly rose to 59.2 in May, comparing to consensus of a fall to 57.5. The recovery in both EUR/CHF and USD/CHF might have completed yesterday after GDP disappointment which triggered some profit taking on Swiss longs. But the bullish trend in the swiss franc didn't change and we'd anticipate another record high against dollar and euro in near term as the trend extends. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.8486; (P) 0.8516; (R1) 0.8567; More. USD/CHF is still bounded in tight range as consolidations continues and intraday bias remains neutral. Though, even in case of another recovery, we'd expect upside to be limited by 4 hours 55 EMA (now at 0.8643) and bring fall resumption. On the downside, break of 61.8% projection of 0.9339 to 0.8552 from 0.8945 at 0.8459 will confirm decline resumption and should target 100% projection level at 0.8158 next. |
| Special Report |
BOC Left Policy Rate at 1%, Statement More HawkishWhile BOC's maintenance of the overnight rate at 1% is widely expected, the surprise comes from the policy statement which appears more hawkish than previously anticipated. Policymakers showed their concerns about inflationary pressures that have been driven by rising commodity prices. The central bank stated that current stimulus measures will be 'eventually withdrawn' as the economy improves further and excess supply continues to be absorbed. |
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Trade Idea: GBP/USD – Buy at 1.6355Although cable has recovered after yesterday's retreat from 1.6547 to 1.6423, reckon the Ichimoku cloud top (now at 1.6502) would limit upside and bring another leg of corrective fall, below said support would bring retracement to 1.6388 (38.2% Fibonacci retracement of 1.6132-1.6547), however, renewed buying interest should emerge around 1.6355-60 (38.2% Fibonacci retracement of 1.6055-1.6547) and bring rebound later. Trade Idea: USD/JPY – Hold long entered at 81.20Although the greenback has slipped again this morning, as dollar has rebounded after holding above the Ichimoku cloud (now at 81.05), retaining our bullishness and consolidation with upside bias remains for another rebound to yesterday's high of 81.77. A break of this resistance would extend the rise from 80.71 to 82.00, however, break of resistance at 82.23 is needed to signal recent upmove has resumed and extend gain to 82.50 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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