Tuesday June 9, 2009 - 12:44:00 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 09-JUN-2009 - 1239 GMT
USD-CHF @ 1.0840/44...Range: 1.0835 to 1.0991
R: 1.0901 / 1.0998 / 1.1037
S: 1.0836-25 / 1.0797 / 1.0761
Dollar-Swiss has fallen sharply during the day and is likely to take Support near 1.0835 as we see a range of 1.0835-1.0991 over the next couple of days. But if 1.0835 gives away given the weak momentum might it pull it down towards 1.0793-52 during the US session. But this Support looks likely to be honoured as of now. A rise past 1.0991 would next target 1.1220 over the next several days.
We were stopped out of the Long we entered at 1.0942.
GBP-USD @ 1.6193/96...Crude play
R: 1.6200-19 / 1.6442-56 / 1.6616
S: 1.6108 / 1.6042 / 1.5995
Cable is facing Resistance at 1.6200 and the fact that the 21-DMA continues to hold keeps the pair in a bullish mode. 21-DMA as mentioned in the morning would be crucial over the next few days. Rise in Crude was once again accompanied with rise in Cable. With expectations of falling US inventories scheduled for tomorrow is likely to keep the Cable bullish.
AUD-USD @ 0.7970/74...Support at 21-DMA crucial
R: 0.8007 / 0.8142 / 0.8288
S: 0.7950-36 / 0.7888 / 0.7803
Aussie is riding high on the 21-DMA (0.7785) and has broken past the 13-DMA in the process. Till the 21-DMA holds, the pair could be ranged between 0.78-0.80, else, it might turn out to be very bearish and take the pair towards 0.7600. A rise past 1.08 is not envisaged immediately but if it were to be seen, would next target 0.8142.
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