Friday July 10, 2009 - 12:09:46 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 10-Jul-2009 - 1208 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 @ 1.0893/96...Strong Resistance at 1.0919-25
R: 1.0919 / 1.0980 / 1.1018-25
S: 1.0866-50 / 1.0827-10 / 1.0783
Dollar-Swiss has risen during the day and is testing an important Resistance near 1.0919-25. This is a strong Resistance and is likely to hold during the US session. However if it doesn't next important Support is at 1.1018-25. As mentioned in the morning, a break of this Resistance might not vacate it out of its "comfort zone" (range of 1.0650-1.1050) very easily. But if it goes upto 1.1025-50 region, it is likely to face downwards next and target 1.08 once again initially and possibly 1.0650 thereafter.
USD 10K Short at 1.0910, SL 1.0970, TP 1.0830 (up from 1.0800)
GBP-USD @ 1.6203/06...Support region: 1.6190-60
R: 1.6269-73 / 1.6344-67 / 1.6466
S: 1.6192-78 / 1.6100 / 1.5889
Cable has fallen after testing the 21-DMA and is likely to rise from hereon after taking Support at 1.6190-60. We shall have to see how, things turn out during the US session. Till this Support holds, a rise towards 1.65 may be expected during the US session or else it might dip towards 1.6000 once again. As mentioned in th morning, a break past 1.60 may next see a fall towards 1.59 rather huriedly.
GBP 10K Long at 1.6220, SL 1.6148, TP 1.6367. As soon as market trades 1.6270, bring SL upto 1.6190.
AUD-USD @ 0.7757/61...Immediate Support
R: 0.7790 / 0.7820 / 0.7865
S: 0.7750 / 0.7692 / 0.7647
Aussie has fallen sharply and is currently at medium term channel Support ranged between 0.7750-0.8120.From here an upside move within the medium term channel is expected but a break below Support at 0.7750 may pressure down this pair towards 0.7700-0.7692 and further fall can be seen over next few days towards 0.7548 (100-DMA Support).A rise above this Support may take the pair towards 0.7865 (200-MA Resistance on 4 hour chart).
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