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Mid-Day Report: USD/CHF at Record Low, EUR/CHF and GBP/CHF to Follow?Safe haven flows sent USD/CHF to new record low today as it's now set to take on 0.8 psychological level. GBP/CHF and, to a lesser extent, EUR/CHF look set to follow. Gold jumps to new record high at 1624 while dollar index is hovering around 74 level, remains soft. Investors are clearly concerned with the lack of progress in US debt talk and that the possibility of US's first major default if Obama and the Congress fails to reach an agreement by the August 2 deadline. And further than that, there are talk that the budget deficit problem won't be solved by raising the debt ceiling and in the end, US would eventually suffer a downgrade. In any case, the development will be closely watched over the next few days. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8129; (P) 0.8188; (R1) 0.8245; More. USD/CHF drops to new record low of 0.8020 so far today and remains weak. Intraday bias remains on the downside and current decline should target 0.8 psychological level and then 100% projection of 0.8519 to 0.8081 from 0.8277 at 07839. On the upside, break of 0.8277 resistance is needed to signal short term bottoming or otherwise, we'll stay bearish even in case of recovery. |
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Remark: No update on Monday and next Trade Idea update will be made on Tuesday 26 July. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||
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