Wednesday September 2, 2009 - 12:22:29 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 02-Sep-2009 - 1220 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.0671/74...Resistance at 1.0700
R: 1.0700 / 1.0750-60 / 1.0800-10
S: 1.0630-00 / 1.0570/ 1.0530-00
Swiss is trading in a very narrow range of 1.0650-80. As any significant move on either side was not seen during the day, our view continue to remain the same on the pair. On the upside 1.0700 is the significant level to watch for. A strong break above 1.0700 might see a rise towards the Resistance at the 55-DMA (1.0750) during the day. Note that the projected Max-High for the day is 1.0759. A further strong upmove above 1.0750 might take it up towards 1.0850 over the next few days.
However if it continues to trade below 1.0700 we might see a downmove towards 1.0630-00 in the US session. A break below 1.0600 might further pull it down towards 1.0550-30.
GBP-USD @ 1.6223/26...Strong Support zone 1.60-61
R: 1.6222-44 / 1.6278 / 1.6350
S: 1.6113 / 1.6069 / 1.6029-20 / 1.5750
Cable has risen once again on the Support of 1.6113. And as mentioned in the morning, till this holds, we would continue to bet in favour of the Support zone of 1.60-1.61. We also continue to mention that if broken, it could be very bearish targeting 1.5750 (38.2% retracement of the rise since March 2009) initially and 1.5600 thereafter.
Though the weekly charts suggest bearishness immediately, the same shall be comfirmed on a break of the Support zone mentioned above.
AUD-USD @ 0.8303/07...Holding long
R: 0.8338-53 / 0.8378 / 0.8450-70
S: 0.8280 / 0.8250-30 / 0.8175
Aussie traded in a range of 0.8280-0.8340 during the day. Failure to see a strong downmove below 0.8300 during the day is still keeping the bullish sentiment intact. on the upside a break above 0.8350 might see a rally once again towards the significant Resistance region 0.8450-70 over the next few sessions/days. On the downside as mentioned earlier significant Support is seen in the region 0.8250-30 which we expect to hold on any downmove below 0.8300.
AUD 10K Long at 0.8280, SL 0.8210, TP Open.
As soon as the market trades 0.8360 bring the SL up to 0.8290
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."