Trade Idea: GBP/USD – Sell at 1.6650

Cable’s selloff after yesterday’s rise to 1.6747 has reinforced our early consolidative view and although sterling has recovered after intra-day fall to 1.6500, upside should be limited to the Tenkan-Sen (now at 1.6623) and the Ichimoku cloud area (now at 1.6648-82) should remain intact, bring another decline later. Below indicated…

Trade Idea: USD/CHF – Sell at 1.0135

As the greenback has continued to edge higher after intra-day selloff to fresh 2009 low of 0.9910 partly due to active cross-selling in Swiss franc, suggesting further consolidation would be seen and although rebound to the Kijun-Sen (now at 1.0070) cannot be ruled out, renewed selling interest should emerge below…

Trade Idea: EUR/USD – Buy at 1.4975

As the single currency has retreated after rallying to a fresh 2009 high of 1.5145 yesterday, suggesting further consolidation would take place and below intra-day minor support at 1.5047 would bring correction to 1.4995/00, however, the Kijun-Sen (now at 1.4973) should attract renewed buying interest and bring another upmove. Above…

Trade Idea: USD/JPY – Sell at 88.10

Dollar’s intra-day selloff to 86.29 (exactly the 61.8% projection of 97.79-88.01 measuring from 92.33) signals medium term downtrend remains in progress and further weakness to 85.77 (2 times projection of 90.62 to 88.73 measuring from 89.55) is seen after consolidation but reckon 85.00 would remain intact today, bring a correction…

Mid-Day Report: Yen Firm, High-Yielders Pressured by Dubai Debt Delay

Yen remains firm after earlier rally that sent it to new 14 year high against dollar. Other major currencies are dragged down against dollar by sharp selloff in respective yen crosses. News that Dubai World, a government investment company having debts totaling around $60b, has asked creditors for postponing its…