Friday September 4, 2009 - 12:10:56 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 04-Sep-2009 - 1152 GMT
USD-CHF @ 1.0627/29...Immediate Resistance at 1.0630
R: 1.0630 / 1.0700-20 / 1.0740-50
S: 1.0600 / 1.0550-30 / 1.0370-50
The intermediate Resistance at 1.0630 mentioned in the morning held during the day and Swiss traded in a narrow range (1.0595-1.0630) during the day. As no significant move on either side is not seen during the day, our view on the pair continues to remain the same. A strong break above the intermediate Resistance at 1.0630 might see a rise towards 1.0700, the upperend of the range (1.0530-1.0700) in which it has been trading since last week. On the downside a break below 1.0600 might see a downmove towards 1.0550-30.
GBP-USD @ 1.6368/70...Bullish
R: 1.6403-06 / 1.6440-70 / 1.6570
S: 1.6310 / 1.6268 / 1.6220-00
Cable has consolidated with an upward bias through the day and has recorded a high of 1.6373. The view is the same as was mentioned in the morning and is reiterated below:
"looks bullish for 1.6440-70 during the day and beyond that towards 1.66. This, till the pair remains above 1.6220. The Projected Max Low for the day is at 1.6174 which is not likely to be tested and the pair should be able be rise from hereon. So buying on dips should be good."
AUD-USD @ 0.8436/39...Might test the significant Resistance region 0.8450-70
R: 0.8450-70 / 0.8512 / 0.8696
S: 0.8400-8380 / 0.8300-00 / 0.8250-30
Aussie has risen slightly during the day and is now trading near the singinficant Resistance region 0.8450-70. If the current upside momentum continues, a strong break above this Resistance region (0.8450-70) might trigger a rise towards 0.8600-50 in the coming days. SUpport is seen in the region 0.8400-0.8380, a break below which might see a downmove towards 0.8330. We expect it to trade above 0.8300 as the overall picture continues to remain bullish.
AUD 10K Long at 0.8280, TSL 0.8390 (up from 0.8360), TP Open.
As soon as the market trades 0.8460, bring the TSL up to 0.8410
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