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Dollar's Trades With a Relatively Firm Tone as Moody's and Fitch Affirm U.S. Top RatingThe greenback recovered from record low against the Swiss franc and traded with a relative firm undertone as rating agencies Moody’s and Fitch both affirmed their AAA credit ratings U.S., however, Moody’s Investors Service warned that downgrades were still possible if lawmakers fail to form effective debt reduction measures. After U.S. President Obama signed the bill to lift the country’s debt ceiling and cut spending cut, Moody’s published a statement and indicated that the outlook for the U.S. grade is now negative which signaled it is still possible for a downgrade in the next 12-18 months. |
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EUR/CHF Daily OutlookDaily Pivots: (S1) 1.0694; (P) 1.0950; (R1) 1.1079; More EUR/CHF's fall is still in progress and drops to new record low of 1.0794 so far today, breaking mentioned 100% projection of 1.2344 to 1.1404 from 1.1891 at 1.0951. Intraday bias remains on the downside and further fall should now be seen towards 161.8% projection at 1.0372 next. On the upside, above 1.0986 minor resistance will turn bias neutral and bring consolidations. But recovery is expected to be limited below 1.1404 support turned resistance and bring fall resumption. |
| Special Reports |
RBA Stands Aside Despite Concerns About InflationThe RBA left the cash rate unchanged at 4.75%. While this was the consensus forecast, a handful of analysts had anticipated a rate hike while some expected a cut. The split reflected the uncertainty in Australia's economy which is facing both the risk of slowdown and the threat of higher inflation. Apart from domestic economic developments, the central bank's decision was also affected by debt problems in the US and Eurozone. While policymakers in both sides of the Atlantic have agreed on measures that helped alleviate near-term concerns, long-term plans are still unavailable to solve the core problems – to lower deficits. ECB To Stand Aside In August But Will Continue To 'Monitor' Price Stability 'Very Closely'As economic and sentiment data released since the last meeting have weakened, the ECB will put more focus on the downside risk in economic growth in the August meeting. Therefore, we believe the central bank will keep the main refinancing rate at 1.5% and non-standard measures unchanged. In the accompanying statement, the ECB will reiterate that it will 'monitor very closely' on the upside risks to price stability but should not signal any rate hike in the next meeting. |
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Trade Idea Update: GBP/USD – Sell at 1.6365Despite intra-day brief breach of 1.6238, lack of follow through selling and current rebound from 1.6224 suggest consolidation above this level would take place and retracement to 1.6300 and possibly intra-day high of 1.6329 cannot be ruled out, however, reckon the Ichimoku cloud bottom (now at 1.6368) would limit upside and bring another decline later. A break of said support would extend decline from yesterday’s high of 1.6477 for a stronger retracement of recent upmove to 1.6195-00 Trade Idea: USD/CAD – Sell at 0.9635Although the greenback has continued to edge higher and the corrective rise from 0.9407 (formed last week) may bring a stronger retracement of recent decline to 0.9635-38 (previous resistance and 61.8% Fibonacci retracement of 0.9780 to 0.9407), reckon renewed selling interest would emerge there and bring another decline later. A break of yesterday’s low at 0.9492 would suggest the rebound from 0.9407 has possibly ended and bring test of 0.9458 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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