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Daily Report: Euro Still Under Pressure, Sterling Weak ahead of BoE MinutesEuro remains soft despite recovering mildly after making another record low against swissy and aussie today. Fed, ECB, BoJ, BoC, SNB and BoE announced yesterday to extend the temporary currency-swap arrangements through August 1, 2011. The current swap lines was started in the global financial crisis in 2007 and was revived in May before Greece's bailout. The move is seen as a precaution to worsening in European debt crisis that would spread over to global financial markets. And it's seen as a sign that global central bankers are still in deep worry on deterioration of the sovereign debt situation. |
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| Featured Technical Report | |
USD/CHF Daily OutlookDaily Pivots: (S1) 0.9612; (P) 0.9666; (R1) 0.9701; More. USD/CHF's break of 0.9557 support confirms that whole fall from 1.0065 has resumed. Intraday bias remains on the downside and further fall should be seen to 0.9462 low next. As noted before, fall from 1.0065 is tentatively treated as resumption of the larger down trend. Break of 0.9462 will confirm this bearish case and target 100% projection of 1.2296 to 0.9916 from 1.1729 at 0.9349 next. On the upside, break of 0.9719 resistance is needed to confirm short term bottoming. Otherwise, outlook will stay bearish. |
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Trade Idea: USD/CHF – Sell at 0.9640As the greenback has remained under pressure, suggesting recent decline from 1.0067 top is still in progress and further weakness towards 0.9500/10 would be seen, however, near term oversold condition should prevent sharp fall below recent multi-decay low at 0.9463 and risk from there has increased for a rebound later. Trade Idea: EUR/USD – Sell at 1.3225Despite yesterday's marginal fall to 1.3073, as the single currency has rebounded from there, suggesting a minor low has been formed and retracement to yesterday's high at 1.3202 is likely, however, renewed selling interest should emerge around the Ichimoku cloud top (now at 1.3227) and bring another decline later. Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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