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Dollar Tumbles on Poor Non-Farm Payroll Growth, Rise in Unemployment RateDollar drops sharply in early US session after release of much weaker than expected job data. The non-farm payroll reported showed merely 54k growth in the employment market in May, comparing original expectation of 190 and post ADP-disappoingment adjusted expectation of around 100k. That was the worst number since September 10. Unemployment rate also unexpected rose to 9.1%. Dollar is seen sharply lower against Japanese yen and Swiss Franc after the release. Indeed, USD/CHF made another record low below 0.835 level while USD/JPY is pressing 80 psychological level. The yen and swissy are both strong in crosses and thus, somewhat limiting Euro and Sterling's attempt to rise against dollar. On the other hand, commodity currencies are sharply lower on risk aversion. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8398; (P) 0.8425; (R1) 0.8449; More. USD/CHF dives further to as low as 0.8356 in early US session following NFP release and remains soft. INtraday bias is still on the downside and current fall from 0.8945 is expected to continue to 100% projection of 0.9339 to 0.8552 from 0.8945 at 0.8158 next. On the upside, above 0.8452 will indicate that a temporary low is in place and would bring recovery, possibly to 4 hours 55 EMA (now at 0.8559) before staging another fall. |
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Trade Idea Update: EUR/USD – Sell at 1.4580Although the single currency has retreated after intra-day brief rise to 1.4531, break of the Ichimoku cloud (now at 1.4397-1.4406) is needed to signal a temporary top is formed and bring retracement to 1.4345/50, otherwise, upside risk remains for one more rise to 1.4569 (61.8% Fibonacci retracement of 1.4940-1.3968) but loss of upward momentum should cap price at 1.4585-88 (61.8% projection of 1.4011-1.4459 measuring from 1.4308 and previous resistance), bring retreat later. Trade Idea Update: USD/CHF – Buy at 0.8285Although intra-day breach of 0.8383 confirms downtrend has resumed and weakness to 0.8325/30 (50% projection of 0.8895-0.8457 measuring from 0.8547) is likely, loss of downward momentum should limit downside to 0.8275-80 (61.8% projection) and bring rebound later. Above the Ichimoku cloud bottom (now at 0.8431) would suggest low is possibly formed and bring test of resistance area at 0.8446-52, break there would confirm Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||
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