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EUR/CHF Daily Outlook
EUR/CHF's decline continued last week and reached as low as 1.2048. There is no clear sign of bottoming yet even though the cross is losing downside momentum as seen in bullish convergence in 4 hours MACD. Further fall is still expected initially this week. But again, we're expecting strong support

German GDP Contracts 0.2% In Second Quarter, Euro Mixed
Germany's economy contracted in the second quarter, indicating the Eurozone's yearlong recovery lost momentum, and likely pressuring European Central Bank’s policy makers to come up with some new ideas for boosting growth. The outlook is now clouded by the impact of international measures against Russia over its support of separatists

EUR/USD Nearing 1.3105 Support
In line EMU inflation data temporary slowed the decline of the euro on Friday. However, ongoing tensions in Ukraine and their possible negative impact on the EMU economy prevented any substantial rebound. The key 1.3105 support is coming with reach. EUR/GBP is also heading south, nearing the 0.79 barrier

Daily Technical Analysis
The EURUSD continued its bearish momentum last week and hit 1.3118 earlier today. The bias is bearish in nearest term testing 1.3050 – 1.3000 support area. Immediate resistance is seen around 1.3150. A clear break above that area could lead price to neutral zone in nearest term testing 1.3200/20 but

China: Official Manufacturing PMI Confirms Loss Of Momentum
China's official manufacturing PMI released by China's National Bureau of Statistics (NBS) in August declined to 51.1 (consensus: 51.2, DBM: 51.2) from 51.7 in July broadly in line with expectations. The HSBC/Markit manufacturing PMI released in its final version this morning declined to 50.2 (revised down from 50.3) from 51.7

Overview Of The Previous Week's Key Economic Events
The previous week brought into light shaky political situation in Europe. French President ordered his Prime Minister Manuel Valls to form a new government as a response to the recent comments of outgoing Economy Minister Arnaud Montebourg, who criticized France's economic direction as well as Germany's economic policies of austerity

Sterling Finds Support
Last week saw some positive news for the UK economyin the form of consumer confidence, which rose from -2.0 to 1.0, well ahead of estimates of -1.0. This was after the CBI Realised Sales (a measure of retail sales) also showed improvement from 21 to 37, ahead of market expectations

EUR/USD: Euro Trading Lower, Ahead Of The Crucial Q2 German GDP
The pair is expected to find support at 1.3096, and a fall through could take it to the next support level of 1.3068. The pair is expected to find its first resistance at 1.3174, and a rise through could take it to the next resistance level of 1.3224.

GBP/USD: Pound Trading Flat This Morning, Ahead Of Factory Data
The pair is expected to find support at 1.6569, and a fall through could take it to the next support level of 1.6540. The pair is expected to find its first resistance at 1.6620, and a rise through could take it to the next resistance level of 1.6642.

AUD/USD: Aussie Trading Higher This Morning In Asian Session
The pair is expected to find support at 103.83, and a fall through could take it to the next support level of 103.50. The pair is expected to find its first resistance at 104.36, and a rise through could take it to the next resistance level of 104.55.

USD/JPY: Japanese Yen Trading Lower In The Asian Session
The pair is expected to find support at 103.83, and a fall through could take it to the next support level of 103.50. The pair is expected to find its first resistance at 104.36, and a rise through could take it to the next resistance level of 104.55.

USD/CHF: Swiss Franc Continues Its Losses This Morning, Ahead Of SVME PMI Numbers
The pair is expected to find support at 0.9155, and a fall through could take it to the next support level of 0.9117. The pair is expected to find its first resistance at 0.9214, and a rise through could take it to the next resistance level of 0.9235.

USD/CAD: Canadian Economy Registered Its Fastest Growth In Q2 2014 Since Q3 2011
The pair is expected to find support at 1.0827, and a fall through could take it to the next support level of 1.0783. The pair is expected to find its first resistance at 1.0897, and a rise through could take it to the next resistance level of 1.0923.

Daily FX Report
Last Friday the Dow Jones Index of shares rose 0.1 percent and the Standard Poor's Index also climbed 0.3 percent. On Friday data showed that euro zone inflation declined to a fresh five-year low in August, this might concern the European Central Bank which is going to meet this

Foreign Exchange Market Commentary
THE EURO closed lower on Friday. The lowrange close sets the stage for a steady to lower opening when Tuesday's night session begins trading. Stochastics and the RSI remain neutral to bearish signalling that sideways to lower prices are possible nearterm. If it extends this summer's decline, the 75% retracement

The RBA Remains On Hiatus
The Reserve Bank of Australia is widely expected to leave the official cash rate at 2.5% for the 13th straight month on Tuesday. In fact, the meeting may prove to be a non-event for the market. There haven't been any major changes to economic conditions in Australia since the RBA

Asian Market Update: China Aug Manufacturing PMI Slows, Putin Calls For 'Statehood' In East Ukraine
China August official PMI came in at 51.1, slightly below the estimate of 51.2, even as the Production Operating component rose to 57.9 from 55.3. This marks the first sequential decline in 6 months, bolstering the case for a more aggressive PBoC policy easing before the end of 2014.

EURUSD Bears Eyeing Up 1.31
The Greenback has seen significant inflows by speculative traders who have pushed the USD up to 12-month highs whilst Euro bears continue to increase their Net Short exposure. With several key FOMC members all talking this week it could be the ideal time to find out if the Hawkes are

Manufacturing PMI Slows In China Threaten Growth Target
China's Manufacturing Purchasing Managers' Index slowed during the month of August to add threats to the nation's economic growth target this year. Meanwhile, the People's Bank of China may refer to add more stimulus packs to spur the world's second largest economy toward achieving the nation's 7.5% growth target this year.

The Daily Wave Analysis
The break of the resistance (red) has been short lived so far and wave 3 (blue) has not managed to pull away from wave 1 (blue), which means that a corrective count could still be likely.

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