Friday October 30, 2009 - 12:06:47 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 30-Oct-2009 - 1205 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 @ 1.0228/31...Holding Short
R: 1.0230-50 / 1.0280 / 1.0350
S: 1.0150 / 1.0110 / 1.0050
The Support at 1.0150 mentioned in the morning edition held during the day and Swiss has risen sharply breaking above 1.0200. Significant Resistance is seen in the region 1.0250-70 which we expect to hold in the US session today as the broader picture continue to remain bearish. Note that the projected Max-High for the day is 1.0260.On the downside a strong break below 1.0150 might target 1.0 in the coming days.
Sell USD 10K at 1.0220, SL 1.0310, TP Open
As soon as the market trades 1.0140 bring trail the SL down to 1.0210
GBP-USD @ 1.6515/19...Potential bull flag
R: 1.6572 / 1.6650 / 1.6694
S: 1.6458 / 1.6400
Cable fell towards 1.6508 during the day today. Longs near 1.65 may be attempted as there's potential bull flag in the making. The rise may come about today/early next week. However, there's US Personal Income numbers scheduled for today. Any positive surprises would confirm the bull flag.
Week close above 1.64 should be encouraging and may keep the bullishness alive. Also, the Projected Max Low for the day is at 1.6399 today.
AUD-USD @ 0.9114/17...Immediate Support in the region 0.9100-0.9080
R: 0.9180 / 0.9220 / 0.9260
S: 0.9100-0.9080 / 0.9050-25 / 0.8870
The Resistance at 0.9180 mentioned earlier held during the day and Aussie has fallen during the day. Immediate Support is seen in the region 0.9100-0.9080 which we expect to hold in the US session today as the overall sentiment continues to remain bullish. However a break below 0.9080 might see a downmove towards 0.9050-30 in the US session today. Note that the projected Max-Low for the day is 0.9048. On the upside, a strong break above 0.9180 might see a rise towards 0.9300-50 over the next few days.
Limit Buy Order:
Buy AUD 10K at 0.9100, SL 0.9010, TP Open
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