Friday January 8, 2010 - 12:10:30 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 08-Jan-2010 - 1208 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.0360/63...Mixed
R: 1.0365 / 1.0400-30 / 1.0480
S: 1.0330 / 1.0280-50 / 1.0200
Swiss is continuing to trade silent in a narrow range of 1.0330-70. As no significant move on either side was not seen duirng the day our view continue to remain the same. Immediate Resistance is seen at the 21-DMA (currently at 1.0365). A strong break above the 21-DMA might see a rise towards 1.0400-30 in the US session today. On the downside Support is seen at 1.0330 a break below which might pull it down towards 1.0280-50. The pair is looking mixed now and we would have to wait and watch the market to get a clear picture of the direction of move.
GBP-USD @ 1.6010/14...Max High at 1.6820
R: 1.6056-88 / 1.6184 / 1.6244-56
S: 1.5991-50 / 1.5868 / 1.5804
The Cable has risen during the day and recorded a high of 1.6036. Further upside is likely to be contained near the Max High for the day which is at 1.6082. A rise therafter, though not likely, may meet the channel Resistance on the daily candles near 1.6180. The pair has been oscillating in a bear channel over the last several days; the bounds for which are 1.6180 and 1.5714 today.
Overall the Cable is bearish and we expect a test of 55-week MA (1.5658) eventually over the course of next few weeks.
AUD-USD @ 0.9146/50...Support in 0.9120-00 region
R: 0.9185 / 0.9250 / 0.9330
S: 0.9120-00 / 0.9050 / 0.9020
The Support region 0.9120-00 mentioned in the morning edition held during the day and Aussie has risen from the low of 0.9123. The broader picture continue to remain bullish With the strong Support region 0.9120-00 and might see a rise once again towards 0.9250-0.9300 in the coming days. A break below 0.9100 might pull it down towards 0.9050.
Limit Buy Order:
Buy AUD 10K at 0.9080, SL 0.8990, TP 0.9330
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."