Thursday July 2, 2009 - 12:16:04 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 02-Jul-2009 - 1215 GMT
EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.0838/42...May move up towards 1.10
R: 1.0849-53 / 1.0882 / 1.1025
S: 1.0788 / 1.0700-0686 / 1.0554
Dollar-Swiss is testing the Resistance region mentioned in the morning. If successful, it could move up towards 1.10 during the US session or by the end of the week. If it finds Resistance near 1.1025 and comes off, the range of 1.0650-1.1025 would continue to hold over the next few days. Besides the braiding and flattening MAs on the 4H chart continue to provide the pair the pivot on which it could cling onto even as it oscillates to and fro around this MAs region (1.0812-1.0838).
GBP-USD @ 1.6389/94...Important Support at 1.6260
R: 1.6430-60 / 1.6502 / 1.6578
S: 1.6348 / 1.6250 / 1.6163-35
Cable has bounced from the low of 1.6329 and is likely to move further up. A rise past 1.6460 might take the pair further up towards 1.6600. On the downside, it has important Support near 1.6260-40 (where 1.6260 is the 200-MA on the 4H chart). A break past this which does not look likely may take the pair down towards 1.6163-35. The Projected Max Low for the Day is at 1.6250 which might be honoured.
Limit Buy Order:
Buy GBP 10K at 1.6260, SL 1.6185, TP 1.6500
AUD-USD @ 0.8017/22...Testing important Support
R: 0.8060-69 / 0.8150-69 / 0.8247
S: 0.8032-04 / 0.7942-36 / 0.7858
Aussie is testing an important Support region of 0.8004-0.8032. A break here might be contained at the 200-MA on the 4H chart at 0.7975 which should be a good opportunity to go Long. However, considering the fact the pair is moving in a downward moving channel on the 4H chart, a break of this Support is also not unlikely. Hence a break of 0.7975 might open the gates for further downside towards 0.7850. But we would prefer a rise towards 0.8150 over the course of US session or by tomorrow.
Earlier we got Stopped out at Cost, the Long entered at 0.8015.
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