Thursday May 6, 2010 - 12:34:22 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 06-May-2010 - 1232 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 @ 1.1089/92...Mixed
R: 1.1138 / 1.1182-200 / 1.1246
S: 1.1025 / 1.0988 / 1.0942
Dollar-Swiss touched a high of 1.1246 in the Asian Session today but is currently trading below 1.1100. The pair has seen some sharp moves in the past few sessions and may take a dip towards 1.1000 in the coming sessions over today and tomorrow, followed by some sideways movement in the range of 1.1000-1100 over the next few days.
Immediately, we would want to wait and get in at lower levels on the long side.
GBP-USD @ 1.5084/87...Significant Support at 1.50-4980 region
R: 1.5130 / 1.5200-20 / 1.5280-1.53
S: 1.50-4950 / 1.49
Cable broke below 1.5070 and fell towards the significant Support at 1.50-1.4980 region and has bounced back after testing this Support region as expected. As mentioned earlier 1.50-4980 is a very important Support region seen on the weekly chart. We expect it to continue to hold and might see further rise towards 1.5150-1.5200 in the coming sessions.
AUD-USD @ 0.9038/41...May go up
R: 0.9171 / 0.9273 / 0.9350
S: 0.9050-65 / 0.9000 / 0.8944
Markets went down to touch a low of 0.8991 in the European Session today, but have now come up to trade near 0.9050. The pair has been moving in the range of 0.8991-9125 from the past few sessions and we may see it break on the upside in the coming sessions over today and tomorrow. However, a break below 0.9000 may again take it down towards 0.8950 in the US session today, still we do not expect a strong break on the downside.
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