Wednesday September 23, 2009 - 12:25:21 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 23-Sep-2009 - 1223 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 @ 1.0229/33...Bearish
R: 1.0275-0300 / 1.0355-70 / 1.0430-55
S: 1.0200-0175 / 1.0154-37 / 1.0039
Swiss traded in a narrow range of 1.0214-45 during the day. As no significant move on either side was not seen during the day, our view continues to remain the same on the pair. A break below 1.0200 might pull it down towards 1.0150 in the US session. Note that the projected Max-Low for the day is 1.0154. On the downside significant Support is seen in the region 1.0130-00. On the upside Resistance is seen in the region 1.0275-0300 which we expect to hold during the US session as the pair continues to remain bearish.
GBP-USD @ 1.6435/38...Trading in the significant Resistance region 1.6430-60
R: 1.6430-60 / 1.6550-70 / 1.6650
S: 1.6386-62 / 1.6305-6287 / 1.6266
Cable has risen from the day's low of 1.6329 and is now trading in the Significant Resistance region 1.6430-60. If the current upside momentum continues we might expect a break above this Resistance region (1.6430-60) in coming sessions and see a rise towards 1.67 over the next few days. However, if this Resistance holds, there are good chances of seeing a dip once again towards 1.61.
AUD-USD @ 0.8745/50...Significant Resistance in the region 0.8750-75
R: 0.8750-75 / 0.8836 / 0.9038
S: 0.8720-00 / 0.8675-50 / 0.8600-0.8590
The Resistance region 0.8750-75 mentioned earlier held during the day and Aussie is now trading below 0.8750. Immediate Support is seen in the region 0.8720-00 a break below which might pull it down towards 0.8675-50 in the US session. On the upside a break and a strong move above the Significant Resistance region 0.8750-75 might see a rise towards 0.8850-0.8900 in the coming sessions/days.
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