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Euro Retreats on S&P's Comments on Greece Debt Rollover PlanThe single currency continued to move higher last week in part due to risk appetite and the relief from Greece escaping from an immediate default also helped pushing euro higher, however, the currency pair just retreated after comments from S&P that the number of proposals regarding the debt rollover plan for Greece may amount to a selective default. Euro quickly slipped from an intra-day high of 1.4580 to around 1.4510/15 after the remarks. At the moment, Asian sovereign names are noted at 1.4500 (related to option expiry today NY cut) with more buying interest seen at 1.4440-50 and next option expiry at 1.4400 (also today NY cut), on the top side, option protective offers are reported at 1.4590-00 with stops placed above the barrier at 1.4600. |
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EUR/CHF Daily OutlookDaily Pivots: (S1) 1.2064; (P) 1.2154; (R1) 1.2280; More EUR/CHF's rebound is still in progress and edged higher to 1.2344 so far today. Intraday bias remains on the upside for further rally. Rebound from 1.1802 short term bottom might extend towards 61.8% retracement of 1.3243 to 1.1802 at 1.2693. On the downside, below 1.2182 minor support will turn bias neutral and bring consolidations. But downside should be contained by 4 hours 55 EMA (now at 1.2095) and bring another rise. We'd expect consolidations from 1.1802 to continue for a while. |
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Trade Idea: GBP/USD – Buy at 1.6070Current cross-inspired rebound suggests the rise from last week’s low of 1.5912 has resumed and retracement of recent decline is underway for further gain to 1.6150, then 1.6175-80 (50% Fibonacci retracement of 1.6443-1.5912), however, upside should be limited to 1.6230-40 (50% Fibonacci retracement of 1.6547-1.5912 and 61.8% Fibonacci retracement of 1.6443-1.5912) but price should falter well below resistance at 1.6263. Trade Idea: USD/JPY – Buy at 80.40Despite Friday’s brief rise to 81.15, the subsequent retreat from there suggests the greenback has remained confined within recent established range of 80.01-81.27, hence further consolidation would take place with initial mild downside bias for test of the lower Kumo (now at 80.61), however, last week’s low at 80.27) should limit downside and bring another rebound later. A break of previous indicated resistance area at 81.27-33 is needed to retain bullishness and signal an upside break of the range has taken place Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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