Wednesday July 8, 2009 - 12:22:01 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 08-Jul-2009 - 1220 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 @ 1.0902/04...May now dip towards 1.0800
R: 1.0930-35 / 1.0978 / 1.1016-25
S: 1.0853-42 / 1.0826-17 / 1.0791
Dollar-Swiss has traded in a narrow range of 1.0876 to 1.0935. The view on the pair continues to remain the same as mentioned in the morning. As the rise was limited to the Resistance level of 1.0930 (with a spike towards 1.0935), we would now expect this to come down towards 1.0800 during the US session. Besides, the Projected Max Low for the day is also at 1.0791. The Support of 1.08 should hold, but if a break is seen, it may jump into a broader range of 1.0650-1.1025. The ranged view looks good till the braiding of MAs on the daily charts continue.
GBP-USD @ 1.6076/80...Bearish
R: 1.6130 / 1.6174 / 1.6221-50
S: 1.5894 / 1.5836 / 1.5749
Cable has oscillated between 1.6048-1.6139 during the day. Cable continues to look bearish at the moment and till it trades below 1.6176, the pair could be pressured lower towards 1.5850 over the course of next few days. The Projected Max Low for the day is at 1.5894 which looks possible either during the US session or over the next couple of days. However a rise from hereon looks liekly to be contained near 1.6250. We do not foresee it moving any further at the moment in the near term.
AUD-USD @ 0.7845/48...Support at 0.7840 and next at 0.7750
R:0.7902 / 0.7958 / 0.7982
S:0.7820 /0.7750 / 0.7565
Aussie is still in range and has risen from the low of 0.7827 seen during the day. The pair is moving in a downward moving channel over the last few sessions and if the Support at 0.7820 holds, it may rise towards 0.7980. However if this channel is broken it could fall further towards 0.7750 over the next few days which would mean that the pair has fallen back in the medium term channel (the range for which is 0.7750-0.8120).
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