Wednesday October 14, 2009 - 12:19:05 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 14-Oct-2009 - 1210 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 @ 1.0191/96...May fall towards 1.10
R: 1.0215-34 / 1.0265-68 / 1.0300
S: 1.0132-1.0100 / 1.0008
Dollar-Swiss continued to fall gradually during the day. It is likely to continue to come down in an orderly fashion to pare with the USD. However, there's strong Support near 1.0120-00 which once tested and honoured may see some corrective rise. But that is some time away. For now, a fall towards 1.01 could be in the offing over the next couple of days/sessions.
USD 10K Short at 1.0350, TSL 1.0240, TP Open
GBP-USD @ 1.6001/03...8-Week MA Resistance at 1.6159
R: 1.6058-78 / 1.6159
S: 1.5933-10 / 1.5865-55 / 1.5740
Cable has risen and faced Resistance in the region mentioned in the morning at 1.6020-65. Since it continues to test this Resistance and if successful in breaching past, this brief surge may be restricted to 1.6150 before it resumes its downtrend once again.
However, the medium term picture is still bearish. Till the 8-week MA at 1.6159 or even the 38.2% retracement of the fall from the tip of the shoulder at 1.6741 on 7th Sep to yesterday's low of 1.5706 which comes at 1.6102 holds strong, look for a fall towards 1.55 over the next few weeks if not earlier.
AUD-USD @ 0.9113/19...Holding Long
R: 0.9166 / 0.9230
S: 0.9095 / 0.9042 / 0.8998-74
Aussie has risen towards 0.9157 and has come down a little after testing the Resistance near 0.9150 over the last few hours. A corrective fall towards 0.9070-50 might be snapped up as the pair continues to look bullish.
The overall picture continues to remain bullish and a break above 0.9150 might take it up towards 0.9200-30 in the coming sessions.
AUD 10K Long at 0.9110, SL 0.8980, TP Open
Limit Buy Order:
Buy AUD 10K at 0.9070, SL 0.8850, TP Open
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