 Tools for TradersTop Movers | Heat Map | Pivot Point | Pivot Meters | Action Bias | Volatility Charts Action InsightDaily Report: Dollar Survived Event Risks, Strong as Focus Turns to Non-Farm Payrolls The greenback emerged as a winner after most of the the event risks this week and is staying firm in Asian session. In particular, Euro's selloff after just slightly less dovish than expected ECB provides much support to the Dollar. And the greenback paid little reaction while US President Donald Trump finally signed the tariff proclamation. US equities ended slightly higher overnight with DOW gaining 0.38%, but still kept below 25000 key handle. Nikkei follows and is trading up 0.8% at the time of writing, unbothered by BoJ rate decisions. The greenback will have look towards the final hurdle of the week, the non-farm payroll report. ECB Surprisingly Removed Easing Bias, Draghi Downplayed The Implication On Future Policy Surprising to most market participants, ECB dropped the easing bias in the forward guidance. While this had initially sent the euro slightly higher, it reversed as President Mario Draghi reinforced that the act was 'backward looking' and would not affect future monetary decision making. Policymakers remained confident over the growth outlook but again raised concern over weak inflation. As such, the updated economic projections saw upgrades in the growth but downgrades on inflation outlook. Going forward, the focus is on the tapering process of ECB's asset purchases which stay at a monthly pace of 30B euro. Meanwhile, ECB's forward guidance would gradually focus more on the interest rate path, and its relations with inflation. Technical OutlookUSD/CHF Daily Outlook Daily Pivots: (S1) 0.9448; (P) 0.9484; (R1) 0.9546; More... USD/CHF's rebound from 0.9186 accelerates to as high as 0.9533 so far today. The strong break of 0.9490 resistance indicates near term reversal. This is supported by bullish convergence condition in 4 hour MACD. Also, there is a head and shoulder bottom pattern (ls: 0.9254, h: 0.9186, rs: 0.9337). Intraday bias is now on the upside for 100% projection of 0.9186 to 0.9490 from 0.9337 at 0.9641 first. On the downside, break of 0.9337 minor support is needed to indicate completion of the rebound. Otherwise, near term outlook will be cautiously bullish even in case of retreat. Suggested ReadingsUSD/JPY Facing Uphill Task Ahead Of US NFPNFP Preview: Wage Growth In Focus As Inflation Concerns persistEUR/CAD In Focus Amid ECB, US Tariff Plans And Canadian Jobs DataGusto Dollar + Breaking NewsDollar Divided On Trade Anxiety And Jobs Data AnticipationAfter Soft Q4 GDP in Australia, Wage Growth Is Key for RBAUS Jobs Report: All Eyes on WagesECB Review: 'Hawkish' Action – Softish LanguageEconomic Data
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