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| Action Insight Market Overview | Markets Snapshot |
Dollar in Range as Markets Confused by Flying RumorsDollar remains soft in early US sessions as risk markets are generally firm so far. But there isn't much decisive momentum as markets are confused by the rumors on EFSF that's flying around. On the one hand, a Dutch newspaper reported that the EFSF will be leveraged five times and it will provide guarantees on 20% of losses of peripheral Eurozone bonds. That is, the leverage would pump the remaining EUR 290b fund in EFSF to as much as EUR 1.45T. There were also talk that Germany would allow leverage of EFSF to a maximum of EUR 1T. On the other hand, German Finance ministry spokesman said today that while there were "productive and positive" talks ahead of the EU summit, there is "no discussion" about raising the EFSF beyond EUR 440b. Senior EU officials also denied a Guardian report that France and Germany has already made a deal.Full Report Here... |    |
| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8937; (P) 0.8992; (R1) 0.9040; More...At this point, we're still favoring the case that USD/CHF's pull back is already finished at 0.8880. Hence, we'd expect further recovery ahead to retest 0.9315 first and break there will confirm resumption of the whole rise from 0.7065. Nevertheless, break of 0.8880 will suggest that pull back from 0.9315 is still in progress for 0.8647 support and below. Though, even in that case, we're expecting strong support above 0.8246 (50% retracement of 0.7065 to 0.9315 at 0.8190) to contain downside and bring resumption of rebound from 0.7065. Read more... |
| Special Report |
BOE Voted Unanimously To Expand Asset Purchase, May Add Depending On Economic ConditionsMPC members voted unanimously to expand the asset purchase program by +75B pound to 275B pound as well as to leave the Bank rate at 0.5% in October. The minutes also unveiled that policymakers considered a range of asset purchases of between 50B-100B pound, signaling more buying may come after the current program expires in February. The pound fell against the euro after the report as extension of BOE's QE2 would trigger depreciation in the pound.Read more... |
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Trade Idea Update: USD/CHF – Hold long entered at 0.8950Dollar’s near term sideways trading is expected to continue and if our view that a temporary low has been formed at 0.8882 is correct, downside would be limited, indicated support at 0.8947 should hold, bring another rebound later, above intra-day minor resistance at 0.9022 would bring test of yesterday’s high of 0.9048. A breach of this level would extend the move from 0.8882 (this week’s low) for at least a strong retracement of the fall from 0.9319 to 0.9075/80Read more... Trade Idea: AUD/USD – Buy at 1.0130Despite yesterday’s fall to 1.0118, as the Australian dollar staged a strong rebound after holding above indicated previous support at 1.0102-07, suggesting the pullback from 1.0372 has possibly ended there and consolidation with upside bias is seen but break of said resistance is needed to extend the rise from 0.9388 low in wave B to 1.0434 (61.8% Fibonacci retracement of 1.1081 to 0.9388) but near term overbought condition should limit upside to 1.0490/95Read more... Candlesticks Intraday Trade Ideas Update Schedule (GMT): 1st Update: 0630 - 0700; 2nd Update: 0930 - 1000; 3rd Update: 1230 - 1300; 4th Update: 1500 - 1530 Pairs Covered: EUR/USD, USD/JPY, GBP/USD, USD/CHF Elliott Wave Daily Trade Ideas Update Schedule (GMT): AUD/USD, EUR/JPY: 0800 - 0830; EUR/GBP, USD/CAD: 1430 - 1500 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Fundamental Highlights
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