Tuesday August 18, 2009 - 12:20:22 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 18-Aug-2009 - 1218 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 @ 1.0777/79...Immediate Resistance at the 55-DMA (1.0786)
R: 1.0786 / 1.0870 / 1.0977
S: 1.0730 / 1.0661 / 1.0625-00
Swiss traded in a very narrow range of 1.0745-83 during the day. Though it traded above 1.0750 most part of the day, a strong upmove was not seen. If it gains upside momentum in the coming session, a break above the Resistance at the 55-DMA (1.0786) menitoned earlier might see a rise towards the next significant Resistance region 1.0870-90. A break above this Resistance region (1.0870-90) is not looking likely now and we might expect a pull back after testing this Resistance region (1.0870-90). Note that the projected Max-High for the day is 1.0870.
On the other hand if the Resistance at the 55-DMA (1.0786) holds, we might see the pair moving down and testing the significant Support at 1.0730 mentioned earlier. A break below this Support at 1.0730 might see 1.0650 on the downside.
GBP-USD @ 1.6452/56...Might rise towards 1.6550-70
R: 1.6466-71 / 1.6497 / 1.6531-39
S: 1.6409 / 1.6351 / 1.6261
Cable has risen during the day breaking above the Resistance at the 55-DMA (1.6424) mentioned earlier. If the current upmove continues we might see a rise towards 1.6550-70 in the coming sessions. On the downside a strong break below 1.6400 might pull it down towards 1.6300-6280. Any significant downmove is not looking likely now, as the pair is showing more strength on its upmove.
AUD-USD @ 0.8243/45...Immediate Resistance at the 21-DMA (0.8289)
R: 0.8289 / 0.8315-30 / 0.8350
S: 0.8220-00 / 0.8160-40 / 0.8097
Aussie has fallen slighlty from the day's high of 0.8274. Immediate Resistance is seen at the 21-DMA (0.8289). A break above this Resistance might see 0.8330-50 on the upside in the US session. Note that the projected Max-High for the day is 0.8330.
On the other hand if the Resistance at the 21-DMA (0.8289) holds and the pair gains downside momentum, we might see it moving down and testing the Support at the 200-MA on the 4-hr chart (0.8158). The significant level to watch for on the downside is the 55-DMA (0.8097), a strong break below which might reverese the current uptrend.
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