Friday September 25, 2009 - 12:10:15 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 25-Sep-2009 - 1208 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 @ 1.0303/05...Trading in the Resistance region 1.0300-20
R: 1.0300-20 / 1.0350-70 / 1.0430
S: 1.0258 / 1.0220-00 / 1.0175
Swiss is trading in narrow range of 1.0267-1.0305. As no significant move is seen on either side during the day, our view continue to remain the same on the pair. On the upside immediate Resistance is seen in the region 1.0300-20, a break above which might see a rise towards 1.0350-70. Note that the projected Max-High for the day is 1.0360.
On the other hand if it continues to trade below 1.0300 and gains downside momentum, we might see a downmove towards 1.0220-00 in the US session. The overall picture continues to remain bearish.
GBP-USD @ 1.5965/69...Bearish
R: 1.6063-88 / 1.6185-6211 / 1.6244-73
S: 1.5905 / 1.5750 / 1.5696
Cable has not changed much since the morning. Hence the bearish view remains. However, as mentioned in the morning, today being the last trading day of the week, we might see it consolidate between 1.59-61. Though, we do not see it going up towards 1.61, but in case.
We reiterate, what we had mentioned in the morning:
"It is trading above 1.60 at the moment and we do not see it going down significantly any further today (being the end of the trading week). Besides the Projected Max Low for the day is at 1.5905. A break of this Support may be seen next week, and would then target 1.5750 initially and 1.5656 (55-week MA) thereafter and 1.5450 ultimately. The confirmation of S-H-S on the weekly has come in extremely sharply during the US session yesterday. An intra-day rally towards 1.61 may then be followed by a further fall towards 1.59 for today."
AUD-USD @ 0.8657/60...Holding Long
R: 0.8700-20 / 0.8750-75 / 0.8830
S: 0.8650-40 / 0.8600-8580 / 0.8530
The Resistance region 0.8700-20 mentioned earlier held during the day and Aussie is trading lower now. Immediate Support is seen in the region 0.8650-40. If it holds we might see a rise once again towards 0.8700-20 in the US session. On the other hand a break below 0.8640 might pull it down towards 0.8600-0.8580.
AUD 10K Long at 0.8655, SL 0.8635 (up from 0.8575), TP 0.8830
As soon as the market trades 0.8720 bring SL up to 0.8670
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