Action Insight Mid-Day Report 1-21-22

Markets to End With a Pessimistic Tone, Swiss Fran and Yen Firm

Action Insight Mid-Day Report 1-21-22 Markets to End With a Pessimistic Tone, Swiss Fran and Yen Firm The markets are set to end the week with a pessimistic tone. Major European index are trading in deep red while US futures point to a weak open. In the currency markets, Swiss Franc is the strongest one for today, followed by Euro and then Yen. Aussie and Kiwi are the worst ones, but Sterling is not too far away after poor retail sales. Loonie is mixed after retail sales missed, still supported by resilient oil prices. Technically, Euro appears to be recovering except versus Swiss Franc. A focus will be on 0.8377 resistance in EUR/GBP. Break there will indicate short term bottoming ahead of 0.8276 long term support. If that happens, the subsequent rebound could be strong and quick. That might help EUR/USD defend 1.1284 near term support too. In Europe, at the time of writing, FTSE is down -1.29%. DAX is down -2.19%. CAC is down -1.93%. Germany 10-year yield is down -0.045 at -0.069. Earlier in Asia, Nikkei dropped -0.90%. Hong Kong HSI rose 0.05%. China Shanghai SSE dropped -0.91%. Singapore Strait Times closed flat. Japan 10-year JGB yield dropped -0.008 to 0.137. Full Report Here Canada retail sales rose 0.7% mom in Nov, to drop -2.1%... UK retail sales dropped -3.7% mom in Dec, well below expectations Bitcoin breaks 40k, Ethereum breaks 3k, as selloff resumes Japan CPI core unchanged at 0.5% yoy in Dec New Zealand BusinessNZ PMI rose to 53.7, return to growth Top Movers | HeatMap | Pivot Points | Pivot Meters | Action Bias | Vol USD/CHF Mid-Day Outlook Daily Pivots: (S1) 0.9148; (P) 0.9164; (R1) 0.9190; More.... USD/CHF drops notably today but stays above 0.9090 support. Intraday bias remains neutral first. On the downside, firm break of 0.9084 support will argue that choppy rise from 0.8925 has completed. Fall from 0.9471 might be ready to resuming. Further decline would be seen back to 0.8925 support first. On the upside, above 0.9276 will target 0.9372 resistance instead. Full Report Here EURUSD | USDJPY | GBPUSD | USDCHF | AUDUSD | USDCAD EURJPY | EURGBP | EURCHF | EURAUD | GBPJPY Recommended Readings Stocks Wounded, Crude Toppy and Crypto Carnage Continues Stock's Drop Persists, Dollar Maintains Resilience Another Blow to Sentiment Two trades to watch: USD/JPY, GBP/USD Yen Shines as Stock Market Selloff Deepens EUR/USD Eyes Down Towards 1.1185: Elliott Wave Analysis NZDUSD Steers to 13-Month Low Levels But Still Neutral GBPJPY Nears Key Support as January's Sell-off Sharpens USDCAD Finds Significant Support at 200-day SMA for Further Declines Fundamental Analysis | Technical Analysis In-depth Reports Canada: Rate Hikes Close, But Not Quite Yet RBA to Begin Tightening in August Despite Omicron Shaving Growth in 2022 from 6.4% to 5.5% January Flashlight for the FOMC Blackout Period The Fed's Balance Sheet: When Will It Shrink, and by How Much? Digital Revolution: Will Cryptocurrencies Take Over the World? Part II Digital Revolution: Will Cryptocurrencies Take Over the World? Part I Economic Calendar GMT Ccy Events Actual Forecast Previous Revised 21:30 NZD Business NZ PMI Dec 53.7 50.6 51.2 23:30 JPY National CPI Core Y/Y Dec 0.50% 0.60% 0.50% 23:50 JPY BoJ Minutes 00:01 GBP GfK Consumer Confidence Jan -19 -15 07:00 GBP Retail Sales M/M Dec -3.70% -0.60% 1.40% 1.00% 07:00 GBP Retail Sales Y/Y Dec -0.90% 4.20% 4.70% 4.30% 07:00 GBP Retail Sales ex-Fuel M/M Dec -3.60% -0.50% 1.10% 0.70% 07:00 GBP Retail Sales ex-Fuel Y/Y Dec -3.00% 1.10% 2.70% 2.20% 13:30 CAD New Housing Price Index M/M Dec 0.20% 1.20% 0.80% 13:30 CAD Retail Sales M/M Nov 0.70% 1.00% 1.60% 13:30 CAD Retail Sales ex Autos M/M Nov 1.10% 1.50% 1.30% 15:00 EUR Eurozone Consumer Confidence Jan P -9 -8

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