Friday July 17, 2009 - 12:35:31 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 17-Jul-2009 - 1147 GMT
USD-CHF @ 1.0781/85...Moving up within range?
R: 1.0815-35 / 1.0865 / 1.0900
S: 1.0727 / 1.0680
Dollar-Swiss has risen since the morning, confirming the strength of the Support at 1.0705 and 1.0680. Immdiate Resistance is seen at 1.0815-35 now. This might be tested if the rally is extended in the US session. And, just in case of a rise past 1.0835, look for a test of 1.0865, the projected Max High for the Day.
Remember, the overall picture so far continues to be one of range trade between 1.0680 and 1.0935.
Limit Buy Order:
Buy USD 10K at 1.0771, SL 1.0671, TP 1.0845. As soon as the market trades 1.0800 after Entry, bring SL up to Entry.
GBP-USD @ 1.6285/90...Might see 1.6205 if 1.6250 broken
R: 1.6328 / 1.6360 / 1.6425
S: 1.6250 / 1.6205
The support at 1.6357, mentioned in the morning, has broken and has turned into a Resistance. A sharp fall has been seen subsequently. Remember that the Pound had been unable to sustain its rise to 1.6480 yesterday. It is now trading some 200 points lower today and has some Support at 1.6250, the 200-MA on the 1-hour chart.
There are growing chances of an even deeper fall towards 1.6150, maybe lower. Note that 1.6205 is the projected Max Low of the Day.
AUD-USD @ 0.7992/96...Not doing anything
R: 0.8014-24 / 0.8050-75
S: 0.7968-59 / 0.7899
The Resistance at 0.8075-8100 has continued to hold through the day so far. At the same time, though, the Support at 0.7968-59 mentioned in the morning, is also holding good. Whichever one breaks - whether the Resistance at 0.8100 or the Support at 0.7959 - will probably set the trend for next week. Not doing anything for the while. Prefer to see a break happen and then, possibly, go in the direction of the break.
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