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Mid-Day Report: Dollar Range-Bound after Mixed Economic DataDollar remains steady in range in early US session after release of mixed economic data. The headline CPI moderated more than expected to 1.1% yoy in February while core CPI was unchanged at 1.6% yoy. Housing starts rose less than expected to 0.91m annualized rate in February while building permits rose more than expected to 1.02m. The FOMC meeting tomorrow will be the next focus from US. US dataflow has been disappointing over the past weeks. Yet, it doesn't seem to waver the Fed's plans to reduce the stimulus measures. Policymakers are expected to reduce the asset purchases by USD 10b to USD 55b per month in March. On the forward guidance, with the jobless rate approaching the Fed's threshold of 6.5%, policymakers should revise its language in this meeting, possibly making it more "qualitative". |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.8711; (P) 0.8733; (R1) 0.8753; More... USD/CHF is still bounded in tight range above 0.8698 temporary low and intraday bias remains neutral for some more consolidations. In case of stronger recovery, upside is expected to be limited well below 0.8895 and bring fall resumption. Below 0.8698 will extend the larger decline to 61.8% projection of 0.9751 to 0.8799 from 0.9156 at 0.8568 next. |
| Economic Indicators Update |
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| Orders and Options Watch | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency went up and down on mixed US data, offers are still noted at 1.3950-65, 1.3975 (barrier) and 1.4000 with more stops placed above sizeable barrier at 1.4000, more sell orders are tipped at 1.4020 and 1.4050. On the downside, bids at 1.3900 were filled but buy orders are still noted at 1.3870-75 and 1.3860, more buying interest is located at 1.3840-45 (stops below 1.3830) and further out at 1.3800-10, mixture of bids and stops is reported at 1.3780-90. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Forex Trade Ideas | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Idea: USD/CHF - Hold long entered at 0.8730Dollar's retreat after yesterday's rebound to 0.8756 has retained our view that further consolidation would be seen but as long as last week's low of 0.8699 holds, mild upside bias remains for another rebound, above resistance at 0.8765 would add credence to our view that a temporary low is formed there and bring retracement of recent decline towards 0.8800-05 and later 0.8816-21 Trade Idea Update: USD/JPY - Sell at 102.05Although the greenback slipped again and test of support at 101.20-21 cannot be ruled out, break there is needed to extend the decline from 103.76 to 100.95-00 but loss of near term downward momentum should prevent sharp move below another previous support at 100.76 and reckon 100.50 would hold from here. If said support continues to hold, then further consolidation is in store and another corrective rebound is likely 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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