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Trade Idea Wrap-up: USD/CHF - Stand aside

Despite yesterday's selloff to 0.9244, the subsequent strong rebound dampened our bearishness and further choppy trading is in store, hence gain to 0.9390-00 cannot be ruled out, however, yesterday's high of 0.9429 should limit upside, bring retreat later. Only above this resistance would revive bullishness and extend the rise from

Trade Idea Wrap-up: GBP/USD - Sell at 1.5800

As cable rebounded after finding support at 1.5693, retaining our view that further consolidation would be seen and another test of 1.5789 resistance (yesterday's high) cannot be ruled out, however, reckon resistance at 1.5803 would limit upside and bring another decline. A break of said support would signal rebound from

Trade Idea Wrap-up: EUR/USD - Stand aside

As the single currency staged a strong rebound after opening sharply lower to 1.0954 yesterday, suggesting low has been formed there and consolidation would be seen, above 1.1250 would bring test of yesterday's high at 1.1278, break there would extend the rebound from 1.0954 to 1.1300-10, however, as broad outlook

Trade Idea Wrap-up: USD/JPY - Stand aside

Although intra-day brief fall to 121.94 suggests the erratic decline from 125.86 top is still in progress and near term downside risk remains for weakness to 121.75-80, loss of downward momentum should prevent sharp fall below 121.50 and risk from there has increased for a rebound to take place later.

Trade Idea: EUR/GBP - Sell at 0.7210

Although the single currency staged a strong rebound after falling to 0.6988 yesterday and consolidation above this level would be seen, reckon upside would be limited to 0.7165-75 and renewed selling interest should emerge around resistance at 0.7211, bring another decline later. Below 0.7045-50 would bring retest of said support

Trade Idea: USD/CAD - Buy at 1.2380

The greenback has risen again after brief pullback and bullishness remains for the rebound from 1.2128 (this month's low and tentatively wave ii trough) to extend gain to 1.2500, however, only break there would add credence to our view that wave ii from 1.2563 has ended at 1.2128 and bring

EUR/USD Mid-Day Outlook
Intraday bias in EUR/USD remains neutral for the moment. At this point, we're favoring the case that corrective rebound from 1.0461 has completed at 1.1466 already. Another fall is expected and below 1.0954 will target 1.0818 support for confirmation. Break of 1.1436 will extend such rebound but in that case,

US Session: Orders and Options Watch
EUR: The single currency found support at 1.1134 and has rebounded, however, offers are still noted at 1.1250 and 1.1275-80 (stops above), more selling interest is tipped at 1.1300-10, and 1.1340-50. On the downside, bids are seen at 1.1130-35, 1.1100-15 (stops below) and 1.1075-80, more buy orders are expected at

Trade Idea Update: USD/CHF - Sell at 0.9390

Although the greenback has rebounded after finding support at 0.9244, yesterday's sharp retreat from 0.9429 suggests top has been formed there and reckon upside would be limited to 0.9390-00, bring another decline later, below 0.9270-75 would signal the rebound from 0.9244 has ended, bring test of this level, break there

Trade Idea Update: GBP/USD - Sell at 1.5800

As cable has rebounded after finding support at 1.5693, retaining our view that further consolidation would be seen and another test of 1.5789 resistance (yesterday's high) cannot be ruled out, however, reckon resistance at 1.5803 would limit upside and bring another decline. A break of said support would signal rebound

Trade Idea Update: EUR/USD - Stand aside

Despite opening sharply lower to 1.0954 yesterday, the subsequent strong rebound to 1.1278 suggests low has been formed there and consolidation would be seen, above said resistance would extend the rebound from 1.0954 to 1.1300-10, however, as broad outlook remains consolidative, reckon upside would be limited to 1.1345-50 and price

Trade Idea Update: USD/JPY - Stand aside

Although the greenback has fallen again after meeting renewed selling interest at 123.19 and near term downside risk remains for the erratic decline from 125.86 top to extend weakness to 121.75-80, loss of downward momentum should prevent sharp fall below 121.50 and risk from there has increased for a rebound

AUDJPY: Traders YE(ar)N for a Safe Haven
Greece's debt drama stretched further into its third act today, with optimists still holding out hope that a last-second bailout deal could be cobbled together. Greek Finance Minister Yanis Varoufakis has already categorically confirmed that Greece won't make its payment today, but there were some hopeful signs from the Mediterranean

USD/CHF Mid-Day Outlook
Intraday bias in USD/CHF remains neutral. Above 0.9427 will target 0.9542 resistance. Break there will resume the rise from 0.9072. More importantly, this will revive the case that down trend from 1.0127 has completed at 0.9072 and bring stronger rally. On the downside, below 0.9150, however, will likely extend the

GBP/USD Mid-Day Outlook
Intraday bias in GBP/USD is neutral for the moment. We're slightly favoring that rise from 1.4565 is finished at 1.5929 after missing 61.8% projection of 1.4565 to 1.5814 from 1.5169. Below 1.5658 temporary low will target 1.5169 support for confirmation. Meanwhile, break of 1.5929 will extend the rebound from 1.4565 instead.

USD/JPY Mid-Day Outlook
Intraday bias in USD/JPY remains on the downside for the moment. The corrective fall from 125.85 is still in progress and would target 61.8% retracement of 118.88 to 125.85 at 121.54. On the upside, break of 124.43 is needed to confirm completion of such pull back. Otherwise, risk will remain

Mid-Day Report: Greece to Miss IMF Repayment, Markets Steady
Markets are relatively much steady today awaiting further news from Greece regarding the bailout referendum on July 5. Euro is mildly softer against other major currencies but is staying well above Monday's low. European stays in tight right, fluctuating between gains and losses. Meanwhile, US futures point to a strong

Greece Won't Pay... Now What?
Greece has reached D-day, they literally will default (or fall into arrears, in IMF parlance) if they don't pay up some EUR 1.6 bn by midnight Athens time tonight. There have been various rumours all morning that another last minute deal may be on the table, but news of this

Crude Stages Short-Covering Rally as Iran Deadline Passes
Today was supposed to be the deadline for Iran and the P5+1 to reach a final agreement that would have limited Tehran's nuclear programme in return for lifting its sanctions. However, it doesn't appear as though anything will be agreed upon in time for the deadline, though the meetings are

Greece's Tsipras and Month End Demand to Keep Traders Guessing
For the remainder of this week, market moves are to be dominated by contagion and risk aversion, but most likely not to the same extent of the recent past. The EUR's impressive rally after the fact yesterday (€1.0966 to €1.1262), referred mostly to investor confidence on how Euro policy makers

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