Wednesday August 19, 2009 - 11:44:21 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 19-Aug-2009 - 1140 GMT
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.0733/36...Still Mixed
R: 1.0786 / 1.0853 / 1.0976
S: 1.0730 / 1.0655/ 1.0625-00
After trading in a narrow range during the day, Swiss has now fallen. As mentioned earlier 1.0730 is the Significant Support seen on the downside a break below which might pull it down towards 1.0625-00. On the upside Resistance is seen at the 55-DMA (1.0786). As the pair is looking weak, we expect this Resistance to hold for some time and might see a downmove towards 1.0625-00 over the next few sessions/days.
GBP-USD @ 1.6422/27...Trading in the Support region
R: 1.6453 / 1.6475-89 / 1.6533
S: 1.6430-00 / 1.6386 / 1.6226
Cable fell sharply during the day breaking below the Support region 1.6430-00 and recorded a low of 1.6375. However it has managed to rise slighlty and is now trading in the Support region 1.6430-00. If the current downside momentum continues in the US session, we might see a downmove towards 1.6300. On the other hand if it manages to trade above 1.6400 and gains upside momentum we might see a rise once again towards 1.6500-50 in the coming sessions.
Though Cable has fallen we still remain bullish and are looking for a rise towards 1.6700 over the next few days. However we would wait and watch for today's close which might play a significant role in the further direction of move for the rest of the week.
AUD-USD @ 0.8216/19...Resistance at 21-DMA (0.8295)
R: 0.8235-48 / 0.8265-78 / 0.8299-8322
S: 0.8171-57 / 0.8144 / 0.8103-8097
After falling and recording a low of 0.8189 during the day, Aussie has now risen slightly and is now trading above 0.8200. If the current downside momentum continues, a break once again below 0.8200 and a further strong downmove might pull it down towards the significant Support at the 55-DMA (0.8102). As mentioned earlier this 55-DMA is a significant level to watch for on the downside.
As the pair is looking weak, any sharp upmove is not looking likely now. On the upside the Resistance at the 21-DMA (0.8295) which is holding the pair below 0.8300 for the last couple of days is the significant level to watch for.
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