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Mid-Day Report: Canadian Dollar Firm after Inflation Data, Dollar Weakness ContinuesCanadian dollar remains firm in early US session after release of inflation data. CPI rose 0.0% mom, 1.3% yoy in August, inline with expectation. BoC CPI core rose 0.2% mom, 2.1% yoy, also inline with consensus. Together with Aussie and Kiwi, Canadian dollar are among the strongest ones this week as boosted after FOMC rate decision yesterday. Released elsewhere, Eurozone current account surplus narrowed to EUR 22.6b in July. |
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| Featured Technical Report | |
USD/CHF Mid-Day OutlookDaily Pivots: (S1) 0.9550; (P) 0.9637; (R1) 0.9684; More.... USD/CHF's fall from 0.9823 resumed after brief consolidation and intraday bias is back on the downside for 0.9256 support. At this point, we're still viewing recent sideway pattern as in triangle consolidation. Thus, we'd expect strong support above 0.9256 to contain downside to bring rebound. Above 0.9823 will turn focus to 0.9902 resistance. Decisive break there will be an early sign of range breakout and larger rise resumption. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: The single currency eased after rising to 1.1460 in European session, sell orders are still noted at 1.1460-65, 1.1480-85 and 1.1500, selling interest is tipped at 1.1520 and 1.1550. On the downside, bids are seen at 1.1395-00 (stops below 1.1390) and 1.1380, more buy orders are expected at 1.1350 and 1.1330, buying interest should emerge around 1.1300, 1.1285 and 1.1260, mixture of bids and stops is located at 1.1240-50. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea Update: GBP/USD - Buy at 1.5550Yesterday's rally adds credence to our view that the rise from 1.5164 low is still in progress and may extend further gain to 1.5660, then towards 1.5680-85, however, overbought condition should limit upside and reckon 1.5715-20 (1.236 times projection of 1.5164-1.5476 measuring from 1.5330) would hold from here, risk from there is seen for a retreat to take place later. Trade Idea Update: EUR/USD - Buy at 1.1360The single currency has rallied yesterday after FOMC and the breach of previous resistance at 1.1373 signals the rise from 1.1087 low is still in progress and may extend gain to 1.1475 (61.8% Fibonacci retracement of 1.1714-11087), however, loss of near term upward momentum should prevent sharp move beyond 1.1500 (100% projection of 1.1087-1.1373 measuring from 1.1214), price should falter well below resistance at 1.1562 Candlesticks Intraday Trade Ideas Update Schedule (GMT): Elliott Wave Daily Trade Ideas Update Schedule (GMT): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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