Tue, Jan 31, 2023 @ 23:39 GMT
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Into US session: USD, CAD, EUR on the weak side as FX ranges. Singapore STI quite bearish

The forex markets are rather steady today, with most major pairs bounded in yesterday’s range. US Dollar, Canadian Dollar and Euro are on the weaker side. On the other hand, Swiss Franc and Yen are the stronger ones, followed by Sterling. Economic data took a back seat again this week overall. Today’s ISM services and ADP employment are unlikely to trigger persistent moves in the markets, given there will be non-farm payroll tomorrow. There are some central banker speaks scheduled ahead, including Fed Williams, SNB Zurbrugg and BoC Wilkins, and they may catch some attention.

Elsewhere, major European stocks somewhat stabilized from yesterday’s steep selloff. FTSE is down -0.17% at the time of writing. DAX and CAC are up 0.12% and 0.26% respectively. Asian markets continued to be the bigger suffering in current concerns over emerging market crisis. Nikkei was down -0.41%, Hong Kong HSI was down -0.99%. China Shanghai SSE was down -0.47% at 2691.59, below 2700 handle. Singapore Strait Times dropped -0.27%. Gold rides on Dollar’s weakness and is back at 1205. Focus is on 1209 minor resistance for indicating resumption of rise fro 1160.36.

We hailed Singapore Strait Times as rather resilient a few weeks ago. But after our “blessing” the index turned south and never looked back. The technical development is rather bearish. STI was rejected both by 55 week and 55 day EMA. The index should now be correcting whole up trend from 2528.43 (2016 low) to 3641.64 (2018 high). Deeper fall should be seen to 61.8% projection of 3641.64 to 3176.26 from 3347.98 at 3060.37. There is project of hitting 61.8% retracement of 2528.43 to 3641.64 before completing the correction.

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