Wednesday June 24, 2009 - 12:39:19 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 24-JUN-2009 - 1230 GMT
USD-CHF @ 1.0802/04...Sharp rise
R: 1.0886-0913 / 1.0953 / 1.0988
S: 1.0771 / 1.0586-51
Dollar-Swiss rose sharply after recording a low of 1.0632 and is now targeting a rise towards 1.1000. A retracement back to 1.08 would confirm the continuity of the medium term consolidation between 1.06-1.10. Till this range holds, one may play the range by buying dips and selling rallies.
Our medium term view continues to be the same. A break below the Support at 1.0590 would target 1.0370 and lower therafter. And a break above 1.09 would target 1.10.
Earlier we had profited out of the Long entered at 1.0667 while making Losses on the two Shorts entered at 1.0872 and 1.0710. Thereby netting a profit of 25 pips.
GBP-USD @ 1.6558/61...Wide Range
R: 1.6638 / 1.6904 / 1.7040
S: 1.6500 / 1.6400-1.6366 / 1.6308
Cable fell off after recording a high of 1.6604. It is likely to now fall towards 1.62 as the pair has been ranged between 1.62 to 1.6640 over the last several days. A rise past 1.6640 is likely to target 1.6904 and 1.7040 thereafter. However a break below 1.62 would target 1.5950 initially and 1.5500 thereafter.
Earlier during the day we were Stopped out of the Short entered at 1.6520 as we lost 60 pips.
AUD-USD @ 0.8013/15...Broad range
R: 0.8021 / 0.8078 / 0.8180
S: 0.7963-56 / 0.7930-11 / 0.7889
Aussie has dipped after rising towards 0.8019 during the day. Till the 0.80 continues to act as the pivot for the pair to see-saw between 0.78 to 0.82 and till the Support and Resistance at 0.78 and 0.82 holds, it would be advisable to buy dips and sell rallies. A break of this range would target 0.85 on the upside and 0.76 on the downside in the medium term.
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