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Daily Report: Dollar Soft as Traders Look Beyond December HikeDollar remains soft in Asian session and is mixed over the week. The greenback managed to hold on to some gains against Euro, Yen and Swiss Franc but is in loss against Sterling and commodity currencies. Despite various signals that solidify a December rate hike by Fed, including FOMC minutes, the greenback fails to ride on recent rally but lost momentum. It is seen that traders are now looking beyond December into next year and the outlook for Fed's rate path is still rather unclear. Fed fund futures are pricing in 72% change of 25 bps hike in December. After that, futures are pricing in 36% chance of another hike by March and 60% by June. It seems that market participants are relatively unsure about the timing of another hike. And because of that, the dollar index is facing some pressure ahead of 100.39 key resistance level. |
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| Featured Technical Report | |
USD/CAD Daily OutlookDaily Pivots: (S1) 1.3247; (P) 1.3280; (R1) 1.3314; More... Further rise could still be seen in USD/CAD with 1.3223 minor support intact. But again, we're not seeing clear momentum for up trend resumption yet. Hence, we'd be cautious on strong resistance from 1.3456 to bring another falling leg to extend the consolidation from 1.3456. Below 1.3223 minor support will turn bias back to the downside for 1.3037 support. Break there will target 1.2830 support and possibly below. |
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| Orders and Options Watch | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
US Session: Orders and Options WatchEUR: Euro remained confined in familiar range, bids are still noted at 1.0665, 1.0650 and 1.0630-35 (stops below), buy orders are reported at 1.0620, 1.0600 and 1.0580, buying interest is tipped at 1.0550, 1.0525-30 and 1.0500. On the upside, offers are seen at 1.0720-25 and 1.0745, sell orders are expected at 1.0760, 1.0780-85 and 1.0800, selling interest should emerge around 1.0830 and 1.0850. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Trade Idea: EUR/GBP - Buy at 0.6955Although the single currency has remained under pressure and near term downside risk remains for recent decline to extend weakness to 0.6970-75, loss of downward momentum should prevent sharp fall below 0.6950-55, bring rebound later. Above 0.7075-80 would bring test of 0.7110 resistance, break there would suggest a temporary low is possibly formed, bring retracement of recent decline to 0.7130 and later 0.7150-55 Trade Idea: EUR/JPY - Hold long entered at 131.35As the single currency has retreated after intra-day brief bounce to 132.28, suggesting consolidation would take place, however, as long as indicated support at 131.12 holds, mild upside bias remains for another rebound, a firm break of said resistance would add credence to our view that low has been formed at 130.64, bring test of resistance at 132.76, break there would bring retracement of recent decline towards resistance at 133.19 and possibly 133.40 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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