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Mid-Day Report: Dollar Mildly Firmer ahead of FOMCDollar is generally firmer today, except versus sterling and swiss franc as markets await FOMC statement. Fed is expected to keep policies unchanged today. While there are expectations that Fed will finally start hiking interest rate, there are also talks that Fed might delay such first hike. Meanwhile, a main focus today is on whether Fed will hint on the timing of the hike in today's statement. We advised investors to pay attention to the change in forward guidance in the statement. Indeed, the Fed had hinted the market in its statements through language change ahead of tightening cycle started in June 2004 and in June 1999. the likelihood for the Fed to hike interest rate in September would be significantly increased if there's such a change this month. Undoubtedly, we expect the Fed to emphasize that any rate decision would be data-dependent. |
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| Featured Technical Report | |
EUR/USD Mid-Day OutlookDaily Pivots: (S1) 1.0994; (P) 1.1061 (R1) 1.1155; More.... EUR/USD retreats mildly today but stays in range. Intraday bias remains neutral for the moment. As noted before, the corrective structure of current decline argues that it's a leg inside the consolidation pattern from 1.0461. Hence in case of another fall, we'd be cautious on strong support above 1.0461 to bring reversal. Meanwhile, break of 1.1215 resistance will bring stronger rise back to 1.1436/66 resistance zone. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency retreated after rising to 1.1130 yesterday and bids at 1.1050 were filled but buy orders are still noted at 1.1020, 1.1000 and 1.0980, buyers are reported at 1.0965 and 1.0940, buying interest is tipped at 1.0900, 1.0880 and 1.0860, fresh demand is located at 1.0820-25 and 1.0800. On the upside, offers are now seen at 1.1075-85, 1.1100 and 1.1120, sell orders are expected at 1.1160, 1.1185 and 1.1200, selling interest should emerge around 1.1220 and 1.1250. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Hold short entered at 0.7130As the single currency has retreated after rising to 0.7161 yesterday, suggesting consolidation below this level would be seen and pullback to 0.7050 cannot be ruled out, however, if our view that low has been formed at 0.6936 earlier is correct, downside should be limited and bring another rebound later, above 0.7130-35 would bring another test of said resistance at 0.7161. Once this level is penetrated, this would add credence to our view that a temporary low has possibly been formed at 0.6936 Trade Idea: USD/CAD - Buy at 1.2900As the greenback has retreated after rising to 1.3103 late last week and consolidation below this level would be seen for minor correction to 1.2945-50, however, reckon 1.2900-10 would limit downside and bring another rise later, above said resistance at 1.3103 would signal recent wave iii is still in progress and headway to 1.3150-60, then 1.3200 would follow, however, loss of upward momentum should prevent sharp move beyond 1.3250-60 and price should falter below 1.3300-10 today Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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