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Mid-Day Report: Risk Selloff Continues on Greece UncertaintiesUncertainty over the Greece situation continue to weigh on risk markets today and sends EUR/CHF to new record low. Pressure on the common currency seems to be increasing as some view the Greece problem is now farther away from resolutions. On the one hand, Greece PM Papandreous is forced to reshuffle his cabinet to salvage his governments as violent protests against the austerity plan highlighted the political obstacles Greece is facing to seek a second bailout. On the other hand, the disagreement among European leaders on how private investors should be involved in the second bailout remains unresolved too. And it's doubtful if the meeting between German Chancellor Merkel and French President Sarkozy tomorrow would yield any breakthrough. |
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| Featured Technical Report | |
USD/CAD Mid-Day OutlookDaily Pivots: (S1) 0.9695; (P) 0.9762; (R1) 0.9854; More. USD/CAD's strong break of 0.9851 resistance confirms that whole rebound from 0.9444 has resumed. Intraday bias is on the upside now for 0.9973 key resistance next (38.2% retracement of 1.0851 to 0.9444 at 0.9981. On the downside, below 0.9772 minor support will turn bias neutral and bring consolidations. But we'll stay near term bullish as long as 0..9670 support holds. |
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SNB Left Rates Unchanged, More Pessimistic On World GrowthAs expected, the SNB left the 3-month Libor target rate at 0.25%. Yet, the tone of the accompanying statement suggests policymakers are increasingly concerned about economic developments. Debt problems in the European periphery, fiscal consolidations in various nations, negative impacts of rising commodity prices on growth and appreciation of Swiss franc are the main issues that the central bank worries about. |
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Trade Idea Update: EUR/USD – Sell at 1.4255 or buy at 1.4025Although the single currency has remained under pressure and recent decline may extend one more fall to 1.4025/30, loss of near term downward momentum should prevent sharp fall below there and reckon 1.3990/93 (1.236 times projection of 1.4696-1.4285 measuring from 1.4498 and 61.8% projection of 1.4498-1.4156 measuring from 1.4204) would hold, bring rebound later. Above intra-day resistance at 1.4204 (this would also penetrate the Kijun-Sen at 1.4195) would bring retracement to 1.4250/55 Trade Idea: USD/CAD – Buy at 0.9700As the greenback has finally risen above previous resistance at 0.9852, suggesting the rise from 0.9446 is unfolding as wave 4 and further gain to 0.9900 would be seen, however, reckon previous resistance at 0.9975 would limit upside and psychological resistance at 1.0000 would hold from here. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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