Wednesday July 29, 2009 - 12:23:08 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 29-Jul-2009 - 1221 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 @ 1.0819/22...At Resistance of 55-DMA
R: 1.0823 / 1.0878 / 1.0919
S: 1.0726 / 1.0653 / 1.0630
Now the pair has entered the Resistance level of 1.0810-23. This is an important Resistance zone (55-DMA) which can push the prices down towards 1.0726, while a break above this can lead to 1.0878
On the downside, the floor at 1.0726 (which did not give in and propelled the pair upward) may continue to act as Support. Break of this floor at 1.0726 can lead to 1.0660-53 levels.
USD 10K Short at 1.0806, SL 1.0865, TP 1.074
GBP-USD @ 1.6372/73...Significant Support at 1.6300
R: 1.6384-96 / 1.6415-35 / 1.6449-56
S: 1.6359 / 1.6300 / 1.6230
Cable witnessed a break below 1.6400 during the day and recorded a low of 1.6346 thereby breaking below the significant Support at the 21-DMA (1.6365) mentioned earlier. As the pair is looking weak we may see a further downmove towards 1.6300 in the coming sessions. Remember the pair has been trading above 1.6300 for the last one week and so 1.6300 is a significant level to watch for on the downside. A strong break below 1.6300 might pull the pair down towards 1.6230 (55-DMA).
As the pair is not gaining upside momentum, any sharp upmove is not looking likely now. However if the pair manages to break above 1.6400 and continue to trade higher, we might see a rise towards 1.6500 in the coming sessions/days.
AUD-USD @ 0.8184/85...Triangle target achieved
R: 0.8259 / 0.8301-04 / 0.8332
S: 0.8173-60 / 0.8115 / 0.8073
Aussie streaked down from 0.8236 after consolidating in the triangle explained in the morning edition. 0.8202-07 has turned from a Support to an intermediate Resistance as prices have bounced back after making a Low of 0.8165 (the 2nd Support we mentioned in the morning edition)
Support regions mentioned above are likely to be tested if the Resistance at 0.8207 continues to hold. Move on the upside, though unlikely may be capped at 0.8259.
We got stopped from Long AUD entered at 0.8290
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