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| Action Insight Market Overview | Markets Snapshot |
Swiss Franc Broadly Lower on Possible Deposit Charges. EUR/USD Struggling Around 1.4540Swiss Franc remains broadly weak and extends last week's selloff on concern of possible charges on franc deposits. USD/CHF takes out 0.82 while EUR/CHF is approaching 1.2. The selloff started last week after Swiss bank UBS indicated the bank may levy a “temporary excess balance fee” to clients in order to discourage them from accumulating franc into their cash clearing accounts. Meanwhile, recent recoveries in global stock markets also dampened safe-haven demand for. While there was no confirmation that Swiss National Bank took any action in the currency market, with the central bank lurking around, traders are reluctant to buy the Swiss franc and only option left was to cover their long franc positions, i.e. sell CHF. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.7915; (P) 0.8036; (R1) 0.8180; More... USD/CHF's rebound continues today and reaches as high as 1.8194 in early US session. Intraday bias remains on the upside for 0.8275 resistance next. Break there will have medium term bullish implication and pave the way to 38.2% retracement of 1.1730 to 0.7065 at 0.8847. On the downside, below 0.8056 minor support will turn bias neutral and bring consolidations. But another rise will remain mildly in favor as long as 0.7769 support holds. |
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Trade Idea Update: GBP/USD – Buy at 1.6305As the British pound has risen again after brief pullback, suggesting the rebound from Friday’s low of 1.6207 is still in progress and gain to 1.6413 (50% Fibonacci retracement of 1.6618-1.6207), then towards 1.6435 (previous support turned into resistance) would be seen. However, a break above latter level is needed to signal the fall from 1.6618 has ended at 1.6207 and bring subsequent rise towards 1.6461 (61.8% Fibonacci retracement) but reckon 1.6500 would hold. Trade Idea Update: EUR/USD – Buy at 1.4435Euro’s retreat after intra-day rise to 1.4550 suggests minor consolidation would take place and pullback to intra-day support at 1.4466 would be seen, however, the Kijun-Sen (now at 1.4439) should limit downside and bring another rise later. A break of said resistance at 1.4550 would extend recent rise for gain to previous resistance at 1.4580 (July), however, break of this level is needed to confirm an upside break of recent broad range upmove from 1.3838 should head to next target at 1.4640/50 Candlesticks Intraday Trade Ideas Update Schedule (GMT):
Elliott Wave Daily Trade Ideas Update Schedule (GMT):
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Fundamental Highlights
Technical Highlights
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