Wednesday August 12, 2009 - 11:57:35 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 12-Aug-2009 - 1155 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 @ 1.0785/88...Down from Support
R: 1.0796 / 1.0848-58 / 1.0882
S: 1.0767 / 1.0732 / 1.0694
The pair traded towards 1st Resistance mentioned in the morning edition at 1.0848 as it â€˜consolidatedâ€™ to make a High of 1.0846. The pair has recently broken Support at 1.0796 which can push the pair to the next immediate Support of 1.0742-32. A bounce back from 1.0742-32 seems likely towards 1.0796 during the US session.
Overall, the pair is bearish towards 1.0732 or 1.0694 both of which are strong Supports.
GBP-USD @ 1.6442/45...Cautious
R: 1.6472-85 / 1.6519 / 1.6550-61
S: 1.6420-00 / 1.6300-6280 / 1.6220-00
cable fell during the day breaking below the Significant Support at 55-DMA (1.6420) mentioned earlier. However, it has once again risen after recording a low of 1.6390 and is now trading above the 55-DMA. If it continues to trade above the 55-DMA and gains upside momentum a strong break above 1.6500 might take it up towards 1.6600 in the coming sessions. Note that the projected Max-High for the day is 1.6604.
On the downside as mentioned earlier the Significant Support is seen in the region 1.6420-1.6400. A strong break below this Support region might pull it down towards 1.6300-6280. Note that the projected Max-Low for the day is 1.6292.
Though we expect the Support region 1.6420-00 to hold, we remain cautious as of now and would wait and watch for today's close.
AUD-USD @ 0.8220/24...Headed towards 0.8315
R: 0.8267 / 0.8315 / 0.8378
S: 0.8200 / 0.8151-43 / 0.8070-63
Aussie proved bearish as predicted in the morning as it made a Low of 0.8179 and has thereafter bounced back towards its 1st Resistance at 0.8267. On the upside, break of 0.8267 can lead to 0.8315 which is a very strong Support-turned-Resistance level now. A break below 0.8200 can push the price down towards 0.8151-43 and 0.8070 which is a major Support.
The pair may bounce towards 0.8315 in the coming U.S session but is likely to test the major Support at 0.8070 in the next couple of days.
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