Thursday July 16, 2009 - 11:55:48 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 16-Jul-2009 - 1154 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.0721/25...Range Support at 1.0670
R: 1.0793 / 1.0850
S: 1.0678-54 / 1.0606-0584
Overall, Dollar-Swiss remains ranged between 1.0670 on the downside and 1.0925 on the upside. Just below 1.0670, there is a Support at 1.0654, being the projected Max Low for the Day. If and while these Supports hold, we may hope to see a fresh rally back up towards the upper end of the range.
In case of a break below 1.0650, however, we may look for a test of the 1.0590 low seen on 02-June. Another Support is available at 1.0632 before that, though.
Limit Buy Order:
Buy USD 10K at 1.0674, SL 1.0579, TP 1.0800
Buy USD 10K at 1.0606, SL 1.0566, TP 1.0730
GBP-USD @ 1.6420/24...Buy some
R: 1.6564 / 1.6604 / 1.6746
S: 1.6350 / 1.6280 / 1.6132
The Pound has risen well this week, after having seen a low near 1.5984 last week. The Support at 1.6359 mentioned in the morning has held so far. If and while this Support continues to hold, the Pound can rise further towards 1.6565 today. The projected Max High for the Day is 1.6594.
Market Trade (at time of writing):
Buy GBP 10K at current level, SL 1.6405, TP 1.6505
AUD-USD @ 0.8026/30...May test crucial Resistance at 0.8100
R: 0.8059 / 0.8118
S: 0.8010 / 0.7959
The Aussie has risen well in the last hour or so (alongwith the other currencies) on the better than estimated Q2 JP Morgan earnings. The Support at 0.7977-50 mentioned in the morning has held well and there are chances of a test of strong channel Resistance at 0.8100 (of channel 0.77-81, mentioned in the morning).
The Resistance at 0.8100 is both strong and crucial, as may be seen on the Daily Candles on the following page:
If and while the Resistance at 0.8100-18 (latter is the projected Max High for the Day) holds, the Aussie may fall back towards 0.79 in the coming days. In case of a credible break above 0.8118, the Aussie could embark on a serious upmove towards 0.90 over time.
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