Thursday September 3, 2009 - 11:49:04 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 03-Sep-2009 - 1146 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 @ 1.0553/58...Tradiing near the lower end of the range 1.0530-1.0700
R: 1.0630 / 1.0680-0700 / 1.0740
S: 1.0550-30 / 1.0510-00 / 1.0350
Swiss broke below 1.0600 during the day and is now trading below 1.0600. If it continues to trade lower we might see a downmove towards 1.0530, the lower end of the range (1.0530-1.0700) in which it has been trading since last week. The significant level to watch for on the downside is 1.0500 a break below which might see a dip towards 1.0300. However if 1.0530 holds and the pair gains upside momentum we might see a rise towards 1.0700, the upperend of the range over the next few days.
GBP-USD @ 1.6400/04...Bullish
R: 1.6440-70 / 1.6570-6600
S: 1.6270 / 1.6230 / 1.6207
Cable has indeed risen as the Support at 1.61 held on. It has almost acheived the Projected Max High for the day (which is at 1.6400). A continued rise is likely to face some Resistance near 1.6440-70. A break of this Resistance zone would next target 1.71 with brief Resistances at 1.66 and 1.68. A brief correction during the US session is likely to be contained near the Projected Max Low for the day at 1.6207.
AUD-USD @ 0.8420/22...Might test the significant Resistance region 0.8450-70
R: 0.8450-70 / 0.8512
S: 0.8360-50 / 0.8330 / 0.8300-0.8280
The support at 0.8330 held during the day and Aussie has risen and is now trading above 0.8400. If the current upside momentum continues we might see it testing the the significant Resistance region 0.8450-70 in the US session. A strong break above this Resistance region might see a rise towards 0.8600 in the coming days. On the downside Support is seen in the region 0.8360-50 which we expect to hold. However a break below this Support region (0.8360-50) might see a downmove towards 0.8300-0.8280.
AUD 10K Long at 0.8280, TSL 0.8360 (up from 0.8340), TP Open.
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