Wednesday May 5, 2010 - 11:56:22 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 05-May-2010 - 1154 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 @ 1.1080/84...May fall
R: 1.1135 / 1.1182 / 1.1246
S: 1.1025 / 1.0988 / 1.0952
Dollar-Swiss has been moving in the range of 1.1026-84 in the Asian and the European session today. We may now see the pair come down towards 1.0900-850 in the coming sessions over today and tomorrow, followed by some sideways movement in the range of 1.0800-1000 before another rise past 1.1000 in the days ahead. However, in case of immediate rise, the pair may surge towards 1.1135 in the US session today, still we see more chances of it coming down in the next few sessions.
Limit Buy Order:
Buy USD 10K at 1.0750, SL 1.0660, TP Open
GBP-USD @ 1.5130/34...Mixed
R: 1.5200-20 / 1.5250 / 1.53
S: 1.51 / 1.5000-1.4980 / 1.4880
Cable is ranged between 1.5100-75 since the Asian session today. As no significant move on either side was not seen during the day our view remains the same as mentioned in our Morning commentary and it is given below.
"Cable is retaining the range 1.51-55 in which it has been trading for some time. However, it is not showing much strength on its upmove. If it continues to trade above 1.51 we might see a rise towards 1.5200-50 in the coming sessions. On the other hand, a strong break below 1.51 might pull it further down towards 1.50-1.4980 which is a very significant Support region to watch for on the downside. Overall though the pair is retaining the range (1.51-55) now, with lack of strength on its upmove the outlook remains mixed as of now."
Buy GBP 10K at 1.5150, SL 1.5070, TP 1.5460
As soon as the market trades 1.5220 trail SL up to 1.5160
AUD-USD @ 0.9073/76...Support at 0.9050-65
R: 0.9171 / 0.9273 / 0.9350
S: 0.9050-65 / 0.9000 / 0.8944
Aussie has been ranged between volatile and ranged between 0.9117-9060 in the Asian and the european sessions today. It is honouring the Support in the region of 0.9065-50 (0.9051 is the 8 Month MA and 0.9062 is the 21 Week MA) and may move up from here in the coming sessions over today and tomorrow. However, a fall below 0.9050 may take it further down towards 0.8944 in the coming sessions over today and tomorrow, though we expect the Support at 0.9050-65 to hold.
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