Thursday August 20, 2009 - 12:18:13 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 20-Aug-2009 - 1210 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 @ 1.0655/57...Mixed
R: 1.0720-35 / 1.0783 / 1.0880
S: 1.0625-00 / 1.0560-50 / 1.0521
Swiss is trading in a very narrow range of 1.0650-85. It seems to be losing its strength on its upmove seen from the yesterday's low of 1.0623. If this weakness continues we might see a downmove and can expect a break below the Support region 1.0625-00 menitoned earlier in the US session which might pull it down towards the crucial Support seen at 1.0560. Note that the projected Max-Low for the day is 1.0558.
On the other hand if the pair continues to trade above 1.0650 and gains upside momentum we might see a rise towards the Significant Resistance at the 55-DMA (1.0783) in the coming sessions.
GBP-USD @ 1.6486/90...Immediate Support at 55-DMA (1.6439)
R: 1.6550 / 1.6580-6604 / 1.6690-6702
S: 1.6455-39 / 1.6408-03 / 1.6375-50
After recording a high of 1.6602 during the day, Cable has fallen sharply and is now trading below 1.6500. Immediate Support is seen at the 55-DMA (1.6439). If this 55-DMA Support holds and and the pair gains upside momentum, we might see a rise once again towards 1.6580-6600 in the US session. However a break below the 55-DMA Support and further strong downmove below 1.6400 might pull it down towards 1.6330-00.
AUD-USD @ 0.8315/18...Mixed
R: 0.8330 / 0.8382-8407 / 0.8450-70
S: 0.8287-71 / 0.8251 / 0.8200
Aussie traded in a very narrow range of 0.8283-0.8332 during the day. Though a break below 0.8300 was seen during the day, a sharp downmove was not seen and is now trading just above 0.8300. If it continues to trade above 0.8300 and gains upside momentum we might see a rise towards 0.8380-8400 in the US session. Note that the projected Max-High for the day is 0.8407.
On the other hand if it breaks below 0.8300 once again and gains downside momentum we might see a dip towards 0.8200-0.8175. Note that the projected Max-Low for the day is 0.8200. As of now the pair is looking mixed.
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