Monday August 10, 2009 - 12:22:49 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 10-Aug-2009 - 1220 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 @ 1.0801/06...Consolidating
R: 1.0848-50 / 1.0900 / 1.0950
S: 1.0800 / 1.0718 / 1.0660
The pair continued to taking trade between 1.0800 and 1.0848 in the Asian session. Break of this narrow range on the up side can achieve levels of 1.0900 and 1.0950. On the contrary, if the floor at 1.0800 gives way, level of 1.0718 can be seen. 1.0718 is a major Support area from which we may see a bounce back towards 1.0800. The pair is in a decisive mood as to which direction to take.
GBP-USD @ 1.6636/42...Significant Support at 1.6600
R: 1.6673 / 1.6709 / 1.6770-6800
S: 1.6600 / 1.6550-6544 / 1.6507
Cable continued to trade below 1.6700 during the day and is now trading near the Support at 1.6600, the upper end of the range (1.6200-6600) in which it was trading for the last couple of months. If this Support holds we may see a rise towards 1.6800-50 in the coming session/days. However a break and a further downmove below 1.6600 might see the pair moving down and testing the Trendline Support at 1.6500. Note that the projected Max-Low for the day is 1.6507. To see the Trendline Support on the GBP-USD graph click on the following link:
AUD-USD @ 0.8407/11...At Intermediate Resistance
R: 0.8415-17 / 0.8448 / 0.8500
S: 0.8324 / 0.8245 / 0.8119
Resistance at 0.8415-17 is putting up a fight to check Aussie‚Äôs advances. If this Resistance holds, Aussie may dip towards 0.8324. Strong Support at 0.8324 can propel the pair back to its target of 0.8500. However, if 0.8417 is strongly overcome on the upside, the pair may be headed towards 0.8500 or even 0.8606.
Overall, Aussie may dip to 0.8324 before rising up again.
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