Tuesday September 22, 2009 - 12:06:58 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 22-Sep-2009 - 1204 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 @ 1.0243/46...Holding Short
R: 1.0270-1.0300 / 1.0330 / 1.0370-85
S: 1.0220-00 / 1.0137 / 1.0039
Swiss continued to fall during the day breaking below the significant Support at 1.0275 mentioned earlier and is now trading lower below 1.0250. If it continues to trade lower a break below 1.0200 might see a downmove towards 1.0150-30 in the coming sessions. On the upside Resistance is seen in the region 1.0270-0300 which we expect to hold in the US session as the pair is looking weak.
USD 10K Short at 1.0355, TSL 1.0270 (down from 1.0295), TP 1.0150 (changed from Open)
As soon as the market trades 1.0180, bring TSL down to 1.0235
GBP-USD @ 1.6339/43...Resistance near 1.64
R: 1.6358-80 / 1.6416-20 / 1.6450
S: 1.6314 / 1.6262-33 / 1.6191
Cable has risen beyond the Resistance at 1.6300 and next faces Resistance at 1.6435. The Projected Max High for the day is at 1.6358. It has already scaled a high of 1.6350 during the day. It seems to have decided to honour the channel at the moment and target its upper end which is at 1.68 over the next several days. However, the Resistance at 1.64 is an important one which will have to be watched to get the confimation whether of a continues rally towards 1.68 once again.
Overall Cable is trading in a broad range of 1.61-1.70 over the last several months.
AUD-USD @ 0.8738/41...Significant Resistance in the region 0.8750-75
R: 0.8750-75 / 0.8860 / 0.9038
S: 0.8720-00 / 0.8670-50 / 0.8615-00
Aussie as expected continued to rise towards 0.8750 during the day. Significant Resistance is seen in the region 0.8750-75. A strong break above this Resistance region (0.8750-75) might see futher rise towards 0.8850-0.8900 in the coming sessions. On the other hand if this Resistance region (0.8750-75) holds we might see a downmove towards 0.8670-50 in the US session. Note that the projected Max-Low for the day is 0.8655.
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