Thursday January 7, 2010 - 12:25:55 GMT
FX Thoughts for the Day - www.fxthoughts.com
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FX Thoughts for the day : 07-Jan-2010 - 1224 GMT
EURO, JAP YEN and EURO-YEN
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Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 1.0350/53...Resistance at 21-DMA (1.0360)
R: 1.0360 / 1.0430 / 1.0480
S: 1.0315-00 / 1.0280 / 1.0250
Swiss has risen during the day and is now trading in the Resistance region 1.0330-60. Note that 1.0360 is the 21-DMA (1.0360) which is resisting the pair for the last couple of days. A strong break above the 21-DMA might see further rise towards 1.0430 in the coming sessions. On the other hand if the 21-DMA Resistance continues to hold, we might see a downmove once again towards 1.0280-50. Note that the 200-MA on the 4-hr chart (currently at 1.0253) is the significant Support seen on the downside.
GBP-USD @ 1.5915/18...Max Low at 1.5892
R: 1.5990-6014 / 1.6041 / 1.6079-94
S: 1.5892 / 1.5804 / 1.5771
Cable has fallen further towards the lower end of the range mentioned in the morning. The BoE has kept the interest rate unchanged. If this Support at 1.59 holds, we might see it move towards 1.6050 during the next few sessions. A break of the Support would see the pair testing 55-week MA (1.5659) sooner than expected. For today, the Projected Max High and Low for the day is at 1.6079 and 1.5892 respectively.
AUD-USD @ 0.9172/75...Significant Support in 0.9120-00 region
R: 0.9260 / 0.9302 / 0.9374
S: 0.9120-00 / 0.9060-45 / 0.8985
Aussie is continuing to trade lower and has broken below 0.9200. As mentioned earlier, if it continues to trade lower we might see a downmove towards 0.9120-00 which is the significant Support region seen on the downside. A strong break below 0.9100 was seen over the last couple of days and we expect this Support at 0.9100 to hold in the US session today and might see a bounce back from this Support region (0.9120-00).
Limit Buy Order:
Buy AUD 10K at 0.9120, SL 0.9010, TP 0.9330
Happy Trading!
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