Tuesday November 24, 2009 - 12:24:41 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 24-Nov-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 @ 1.0090/93...Resistance in 1.0160-80 region
R: 1.0160-80 / 1.0220 / 1.0280
S: 1.0050-30 / 0.9980 / 0.9950
After breaking above the Resistance at 1.0130 and recording a high of 1.0152 during the day, Swiss has fallen once again and is now trading lower. Our view continue to remain the same on the pair. Resistance seen in 1.0160-80 region 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 1.0190. On the downside 1.0050-30 is the siginficant Support region to watch for. A strong break below 1.0030 might see further dip towards 0.9980-50.
We booked a profit of 20 pips from the Short position entered at 1.0160.
GBP-USD @ 1.6565/68...Mixed
R: 1.6575 / 1.6640-60 / 1.6730-50
S: 1.6515-00 / 1.6450-30 / 1.6385-65
Cable has risen from the day's low of 1.6496. Immediate Resistance is seen at 1.6575, a break above which might see a rise towards 1.6640-60. A strong break above 1.6660 might target 1.6730-50. On the other hand if the immediate Resistance at 1.6575 holds, we might see a downmove towards 1.6450-30. Currently the pair is looking mixed with 50-50 chances of moving in either direction.
AUD-USD @ 0.9195/99...Holding Long
R: 0.9220 / 0.9250-70 / 0.9330
S: 0.9120-00 / 0.9050 / 0.9020-00
Aussie fell during the day and recorded a low of 0.9132. However, it has risen from there and is still keeping up the bullish sentiment alive. As mentioned earlier, 0.9120-00 is the significant Support region to be watched for on the downside which we expect to hold and the overall uptrend to continue. Note that the projected Max-High for the day is 0.9124. On the upside, a strong break above 0.9200 might take it up towards 0.9230-60 in the US session today. Note that the projected Max-High for the day is 0.9263.
AUD 10K at 0.9135, SL 0.9070 (up from 0.9045), TP Open
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