Tuesday July 7, 2009 - 12:04:21 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 07-Jul-2009 - 1202 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 @ 1.0815/19...May dip towards 1.0750
R: 1.0950-75 / 1.1014-25
S: 1.0773 / 1.0650
Dollar-Swiss had risen towards 1.0916 during the day and has started coming off now. It is likely to fall towards 1.0750 over the next couple of sessions. A dip past 1.0750 is likely to see it re-testing the bottom of the medium term range of 1.06 over the next few days.
However if the immediate Support at 1.0820-16 holds, a rise towards 1.0950 may as well be seen. To see the chart of Swiss, click on: http://www.kshitij.com/graphgallery/chfcandle.shtml#candle
As the 8-, 13- and 21-DMAs continue to converge in a flat fashion, there are good chances that the pair would trade range going forward over the next few days.
GBP-USD @ 1.6242/47...Immediate Resistance at 1.6273
R: 1.6273 / 1.6304 / 1.6404
S: 1.6096 / 1.6051 / 1.5950
Cable has immediate Resistance at 1.6273 and above that is the 200-MA (1.6304) Resistance on the 4H chart which has been keeping the pair pressured lower. A rise past this does not look likely. But if it were to, the converging 8-, 13- and 21-DMA would provide good strong Resistance. Though a break past this does not likely, but if it were to, the pair would once again enter the medium term range of 1.62-1.66 as mentioned in the morning as well.
For now, the pair looks likely to fall towards 1.5950 and thereafter towards 1.5850 over the course of next few days.
Limit Sell Order:
Sell GBP 10K at 1.6270, SL 1.6330, TP 1.6090
Sell GBP 10K at 1.6400, SL 1.6450, TP Open
AUD-USD @ 0.8022/26...May target 0.8090
R: 0.8090 / 0.8131 / 0.8180
S: 0.7950-34 / 0.7832 / 0.7761-58
Aussie has risen from a low of 0.7935 during the day and is looking to move towards 0.8090. A rise past 0.8090 would once again target the higher end of the range at 0.8180. The medium term range of 1.7800-1.8200 might continue for some more time and till this does, one may trade the range. On the downside, there's Support at 0.7950-38 which might hold during the US session as well.
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