Tuesday September 15, 2009 - 12:02:18 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 15-Sep-2009 - 1200 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 @ 1.0379/83...Trading near the Resistance region 1.0385-0400
R: 1.0385-0400 / 1.0430-50 / 1.0530-50
S: 1.0320-00 / 1.0220-00 / 1.0160
Swiss tested the Resistance region 1.0385-0400 mentioned earlier and is now trading near this Resistance region. As the overall sentiment remains bearish, we expect this Resistance region (1.0385-0400) to hold during the US session and might see a downmove towards 1.0300-0280 in the coming sessions/days. Note that the projected Max-Low for the day is 1.0306.
On the other hand a break and further move above 1.0400 might see 1.0430-50 on the upside.
GBP-USD @ 1.6466/70...Slides
R: 1.6525 / 1.6575 / 1.6632-45
S: 1.6484-61 / 1.6427-00 / 1.6206
Cable has fallen sharply during the day today after recording a high of 1.6657 and is likely to take Support from 1.6450 (55-DMA) for sometime. We would prefer a break of this Support based on flattening 55-DMA if the Resistance at 1.67-68 continues to hold this week, which would make a strong case for a dip once again towards 1.62. A break below 1.62-61 would confirm the SHS on the weekly. However, a break of 1.67-68 would increase chances of 1.70-71 once again. It is trading below the Projected Max High for the day at 1.6502. US Retail Sales numbers are due today which are expected to be higher by 1.9% over previous month.
AUD-USD @ 0.8582/85...Support in the region 0.8550-30
R: 0.8615 / 0.8650-75 / 0.8738
S: 0.8550-30 / 0.8480 / 0.8450-30
Aussie broke below 0.8600 during the day and is now trading lower. If it continues to trade below 0.8600 we might see it moving down and testing the Support region 0.8550-30. Remember the pair has been trading in between 0.8545 and 0.8675 since last wednesday (09-Sep). As the overall sentiment remains bullish we expect this Support region 0.8550-30 to hold in the US session. However a break and a further downmove below 0.8530 might see 0.8450-30 on the downside.
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