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…
Tag Archives: selloff
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: 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…
GBP/USD Bounces on Broad-Based Dollar Weakness
The Cable has stabilized nicely after Friday’s sizable selloff. The GBP/USD has popped back above its psychological 1.65 level and 11/12 lows as the currency pair benefits from a positive wave of EU and U.S. econ data. The set of Flash EU PMI data and U.S. Existing Home Sales came…