Tuesday September 1, 2009 - 12:13:48 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 01-Sep-2009 - 1211 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 @ 1.0593/98...Mixed
R: 1.0630 / 1.0680-0700 / 1.0750
S: 1.0550-30 / 1.0500-0490 / 1.0369
After trading lower during the day and recording a low of 1.0543, Swiss has risen and is trading near 1.0600. It is still remaining mixed and is oscillating between 1.0530-1.0630 for the last couple of days. Our view continues to remain the same. On the upside Resistance is seen at 1.0630 a break above which might see a rise towards 1.0680-0700. Remember, 1.0700 is the significant level to watch for on the upside as a strong break above this level might trigger a rise towards 1.0800-50.
However if it continues to trade below 1.0600 in the US session, downmove towards the significant Support region 1.0520-00 can be seen. A strong break below 1.0500 might trigger a downmove towards 1.0300.
GBP-USD @ 1.6231/32...Buy dip
R: 1.6269-74 / 1.6316-35 / 1.6383
S: 1.6208 / 1.6160-31 / 1.6029-23
Cable has fallen during the day and is likely to fall further towards 1.6160. There should be buyers awaiting such a dip. Till the Support near 1.6160-30, we could expect it to be ranged betwee 1.6150-1.6450 till the range holds. However a break below, which is not anticipated could take the pair down to 1.60.
Limit Buy Order:
Buy GBP 10K at 1.6160, SL 1.6120, TP Open
AUD-USD @ 0.8358/61...Trading near the Support region 0.8350-30
R: 0.8400-10 / 0.8450-70 / 0.8540
S: 0.8350-30 / 0.8270-50 / 0.8170
Aussie has fallen during the day breaking below 0.8400 and is now trading near the Support region 0.8350-30. As mentioned earlier we expect this Support region to hold in the US session. Note that the projected Max-Low for the day is 0.8338. However a break below this Support region might pull it down towards 0.8270-50 which is a significant Support region seen on the downside. On the upside significant Resistance is seen in the region 0.8450-70. If the immediate Support region (0.8350-30) holds and the pair gains upside momentum, we might see a rise once again towards the Resistance region (0.8450-70) in the US session. A strong break above this Resistance region may trigger a rally towards 0.8600-50.
Limit Buy Order:
Buy AUD 10K at 0.8280, SL 0.8210, TP Open.
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