Action Insight Mid-Day Report 10-28-19

Swiss Franc and Yen Weaken on Risk Appetite, US Stocks to Hit Record

Action Insight Mid-Day Report 10-28-19 Swiss Franc and Yen Weaken on Risk Appetite, US Stocks to Hit Record Swiss Franc and Yen weaken broadly again today as risk appetite returns to markets. In particular, US stocks are set to challenge record high, on trade optimism, as well as expectation of another Fed rate cut. European stocks, except FTSE, also rise mildly as EU agreed on a three-month Brexit flextension. Staying in the currency markets, Euro is currently the strongest for today, followed by Australian Dollar. Technically, USD/JPY will likely challenge 108.93 temporary top. Break will resume recent rise from 104.45 to 109.31 key structural resistance next. USD/CHF is on track to retest 1.0027 resistance. EUR/CHF will be a pair to watch today. It's staying below 1.1062 key cluster resistance so far, even though the choppy recovery form 1.0811 extended. Sustained break of 1.1062 will carry larger bullish implication and be an early sign of trend reversal. Focus will immediately be back on 1.1162 support turned resistance. That will be a strong sign of easing medium term risk aversion. In Europe, FTSE is up 0.02%. DAX is up 0.47%. CAC is up 0.23%. German 10-year yield is up 0.022 at -0.34. Earlier in Asia, Nikkei rose 0.30%. Hong Kong HSI rose 0.84%. China Shanghai SSE rose 0.85%. Japan 10-year JGB yield rose 0.0136 to -0.132. Full Report Here US goods trade deficit narrowed to USD 70.4B, down -3.6% UK CBI retail sales rose to -10, retailers contend with looming... EU Tusk confirmed approval of 3-month Brexit flextension Former BoJ Shirakawa saw Japanification of policy in the world EU leaders circulating text of three months Brexit extension Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol FOMC Preview – Third Rate Cut on Table. Will Fed... BOC Preview – Policy Rate will Stay Unchanged. But for How... CFTC Commitments of Traders – Net LENGTH for CAD futures has... Central Bank Views | China Watch | Oil N' Gold | Special Topics USD/JPY Mid-Day Outlook Daily Pivots: (S1) 108.53; (P) 108.65; (R1) 108.79; More... At this point, intraday bias in USD/JPY remains neutral first, with focus on 108.93 temporary top. Break there will resume recent rise from 104.45. Intraday bias will be turned back to the upside for 109.31 key resistance. Decisive break there will carry larger bullish implications next target will be 100% projection of 104.45 to 108.47 from 106.48 at 110.50. On the downside, in case of another retreat, downside should be contained by 55 day EMA (now at 107.85) to bring rebound. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Argentine Investors Worried As Power Changes Hands US Open – Trade, Brexit Extension, Argentina, Oil, Gold, Bitcoin GBP/USD Outlook: Fresh Brexit News Inflate Pound And Generate Initial Signal Of Pullback's Stall Be Careful In Trading Oil | HSBC In Need Of Surgery The Market's Possible Peak At The Start Of A Crucial Week What To Watch When The Fed Meets This Week Currencies: Subdued Trading Ahead Of A Busy Week Fundamental Analysis | Technical Analysis In-depth Reports Options for Effective QE Strategy for the RBA ECB Review - Outgoing Draghi Defended the Need to Easing Package China Watch - PBOC Paused Rate Reduction in October. RRR Cut Still Likely as Growth Continues to Slow October Flashlight for the FOMC Blackout Period QE or Not QE? That Is Not the Question US-China Trade: 'Phase 1' Trade-Deal Not a Game-Changer for the Global Economy Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 23:50 JPY Corporate Service Price Index Y/Y Sep 0.50% 0.50% 0.60% 0.50% 07:00 EUR Germany Import Price Index M/M Sep 0.60% 0.10% -0.60% 09:00 EUR Eurozone M3 Money Supply Y/Y Sep 5.50% 5.70% 5.70% 5.80% 11:00 GBP CBI Realized Sales M/M Oct -10 -20 -16 12:30 USD Wholesale Inventories Aug P -0.30% 0.30% 0.20% 0.00% 12:30 USD Goods Trade Balance (USD) Sep -70.4B -73.5B -72.8B -73.1B

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