Thursday August 27, 2009 - 11:51:48 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 27-Aug-2009 - 1149 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 @ 1.0677/82...Support in the region 1.0630-00
R: 1.0700-20 / 1.0766-77 / 1.0849
S: 1.0650 / 1.0630-00 / 1.0550
Swiss continued to trade below 1.0700 during the day in a narrow range of 1.0663-0700. As no significant move on either side is not seen, our view remains the same on the pair. On the upside a strong break above the Resistance region 1.0700-20 might see a rise towards 1.0770-0800 in the US session.
On the downside strong Support is seen in the region 1.0630-00. We expect this Support region to hold if a break below 1.0650 is seen in the US session and are looking for a rise towards 1.0770-0800 in the coming sessions/days, if the pair gains further upside momentum.
GBP-USD @ 1.6197/200...Strong support-turned-Resistance at 1.6250-60
R: 1.6250-60 / 1.6283 / 1.6340-52
S: 1.6160 / 1.6086-60 / 1.6000-5960
Cable has continued to find Resistance near 1.6250-60 and is now looking to fall further with an initial target of 1.6000-5995. The Projected Max Low for the day is at 1.6068. The immediate Resistance at 1.6260 has been keeping the pair pressured lower and if that continues to hold, we might see a fall in over the next few days. With EUR-GBP Cross continuing to look bullish and Euro having strong Support near 1.4170, fall in Cable is justified.
The fact that there has not been any follow-through buying despite such a sharp fall yesterday, goes with the view that it may be bearish further.
AUD-USD @ 0.8344/47...Trading in the Resistance region 0.8330-50
R: 0.8330-50 / 0.8441 / 0.8580-0.8600
S: 0.8300-8280 / 0.8256 / 0.8212-00
Aussie has risen during the day and is now trading above 0.8300. Immediate Resistance is seen in the region 0.8330-50. If it continues to trade higher, a break above this Resistance region might see a rise towards 0.8400-30 in the coming sessions. On the downside Support is seen in the region 0.8300-8280 which we expect to hold as the pair is looking strong on it upmove. However a break below this Support might see it moving down towards the significant Support at the 200-MA on the 4-hr chart (0.8256).
AUD 10K Long at 0.8250, TSL 0.8290 (up from 0.8275), TP Open.
As soon as the market trades 0.8380 bring TSL up to 0.8330
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