Friday July 24, 2009 - 11:42:24 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 24-Jul-2009 - 1140 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 @ 1.0683/86...On shaky grounds
R: 1.0726-40 / 1.0775-89 / 1.0810
S: 1.0653 / 1.0630 / 1.0594
The cluster of Resistances as explained in the morning edition worked well for USD-CHF as it fell like a rock towards the 1.0688 Support making a low of 1.0673.
If the newly initiated uptrend is to continue, higher tops and higher bottoms must be formed. As visible clearly in the 1-hour chart, to make a decent higher bottom, the Support of 1.0660 must be held. However, the path up has an immediate Resistance at 1.0700 and two major ones at around 1.0730 and 1.0780. On the downside 1.0655 is the decisive and powerful Support level to watch for.
GBP-USD @ 1.6448/51...Strong Support region at 1.6380-6370
R: 1.6500 / 1.6550-6560 / 1.6600
S: 1.6400-6370 / 1.6325-6300 / 1.6235
Cable broke below the Support at the 21-MA on the 4-hr chart (currently at 1.6464) and recorded a low of 1.6431 during the day. The pair is once again trading near the 21-MA. A break above this moving average on the 4-hr chart might retest Resistance at 1.6500. A move further above 1.6500 might once again take the pair up towards 1.6600 in the US session. However, if the Resistance at 1.6500 holds and then we may see a dip towards 1.6400-6370 in the US session. Strong Support is seen in the region 1.6380-70. As the markets are in the final trading sessions for the week, we may expect this Support region to hold. However a strong break below this Support region (1.6380-70) might see a dip towards 1.6325-6300
AUD-USD @ 0.8178/80...Consolidating
R: 0.8206-14 / 0.8257 / 0.8332
S: 0.8127-34 / 0.8108 / 0.8088-76
Aussie rallied but only to retest the top of the range (given by 0.8108 and 0.8180) by making a high of 0.8178. This was exactly the expectation for the Asian session as mentioned in the morning edition. AUD-USD now seems weak, although it is propped by a Support zone of 0.8127-34 and 0.8108. The fall, which is still in its infancy, if uninhibited, can extend to 0.8088 or 0.8043 levels. The upside has obstacles first at 0.8212 and later at 0.8257 levels.
The pairâ€™s range for the US session can be concluded as 0.8134-0.8214.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."