Monday October 26, 2009 - 11:54:47 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 26-Oct-2009 - 1152 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 @ 1.0060/63...May achieve "parity"
R: 1.0110-30 / 1.0160 / 1.0210-30
S: 1.0000-0.9980 / 0.9880 / 0.9761
Swiss continued to trade below 1.0100 in a very narrow range of 1.0050-80 during the day. As no significant move on either side was not seen, our view remains the same on the pair. We expect the Resistance region 1.0110-30 to hold in the US session and might see it moving towards parity over the next few sessions. Support is seen in the region 1.0000-0.9980 a break below which might see further downmove towards 0.9880
GBP-USD @ 1.6335/39...Strong Resistance at 1.6425
R: 1.6354-62 / 1.6426 / 1.6488
S: 1.6204 / 1.6153
Cable has risen a little beyond the Resistance at 1.6300. Further rise beyond the immediate Resistance at 1.6354 (21-Week MA) should find another strong Resistance near 1.6425. We would then expect the pair to fall towards 1.62 if this Resistance holds strong. This would further increase chances of the Friday's fall extending towards 1.60 over the course of the week.
To see the chart of Cable weekly candles, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle
AUD-USD @ 0.9239/44...Support at 0.9180
R: 0.9300-09 / 0.9371 / 0.9579
S: 0.9180 / 0.9120-00 / 0.9070
Aussie is trading in a narrow range of 0.9228-63. Support is seen at 0.9180 which we expect to hold in the US session today. On the upside immediate Resistance is seen at 0.9300. Also note that the projected Max-High for the day is 0.9309. The overall outlook continue to remain bullish and a strong break above the Resistance at 0.9300 might see a rise towards 0.9400-0.9500 over the next few days/weeks.
Any sharp downmove is not looking likely now. However, a strong break below the Support at 0.9180 mentioned above might pull it down towards 0.9100.
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