Monday May 3, 2010 - 11:50:14 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 03-May-2010 - 1148 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 @ 1.0821/25...Buy dips
R: 1.0875 / 1.0910-40 / 1.1025
S: 1.0700 / 1.0600-570 / 1.0400
We have not seen much movement on the pair and we maintain the overall view which we had in the morning:
"Dollar-Swiss has gone up in the Asian session today and a rise past the 100 Week MA Resistance (at 1.0875) may take the pair towards the 21-Month MA Resistance at 1.0909 which, if broken may take it further up towards 1.10 later in the week. Though, a dip from 1.0909 may bring it down towards 1.0800, where we may again want to go long.
However, failure to break above the immediate Resistance at 1.0875 may pull it towards 1.075-700 which, if broken may fall further towards 1.060-570. In case of an immediate fall, we would want to buy initially at 1.0700 with a small stop, which if triggered, may lead us to our next buy level at 1.0600-570."
USD 10K Long at 1.0785, SL 1.0720, TP Open
GBP-USD @ 1.5263/66...Buy dips
R: 1.53 / 1.5330-50 / 1.5380-1.54
S: 1.5230-00 / 1.5160-40 / 1.5120
Cable has bounced back from the low of 1.5211. Resistance is seen in the broad 1.5300-50 region which might hold for some time and keep up the chances of a fall once again to 1.5200-1.5150. However, a strong break above 1.5350 might see a rise once again towards 1.5450-1.5500.
On the other hand if the pair fails to see a break above 1.53, we might expect a break below 1.52 and see a downmove towards 1.5150-30 in the US session today. Such a fall towards 1.5150-30 can be considered as a good opportunity to buy as the the pair has been ranged between 1.51-55 over the last several days.
Limit Buy Order:
Buy GBP 10K at 1.5150, SL 1.5070, TP 1.5460
AUD-USD @ 0.9269/71...Buy dips
R: 0.9350 / 0.9405 / 0.9500
S: 0.9207 / 0.9165 / 0.9000
Aussie has moved up slightly and is trading above the important level of 0.9253 in the European session today. We still need to wait for an upmove beyond 0.9350 or a downmove below 0.9200 in order to go short or long the pair in the coming sessions over today and tomorrow.
Limit Buy Order:
Buy AUD 10K at 0.9210, SL 0.9090, TP Open
Buy AUD 10K at 0.9150, SL 0.9060, TP Open
Buy AUD 10K at 0.9120, SL 0.9030, TP Open
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."