Monday May 10, 2010 - 12:21:28 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 10-May-2010 - 1219 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 @ 1.10/15...Buy dips
R: 1.10 / 1.1080-1.11 / 1.1160
S: 1.09-1.0880 / 1.0825-00 / 1.0755-30
Swiss fell breaking below 1.10 in the Asian session today. Though it has bounced back frm its low of 1.0922, it is continuing to trade below 1.10 in the European session. While below 1.10 there are chances of a dip towards 1.09 in the US session today. However, as mentioned ealier the overall bullish outlook continues to remain intact for a rise once again towards 1.11-12, as we see strong Support in the broad 1.0950-1.0880 region which is expected to hold. A dip towards 1.09, if seen in the US session today can be considered as a good opportunity to buy.
Limit Buy Order:
Buy USD 10K at 1.0900, SL 1.0810, TP Open
GBP-USD @ 1.5003/06...Sell rally
R: 1.5050-80 / 1.5100-20 / 1.5145-60
S: 1.4935 / 1.4830 / 1.4717
Cable broke above the significant Resistance at 1.50 and recorded a high of 1.5031. While above 1.50, we might see further rise towards 1.5100-20 which is the next significant Resistance region to watch for, in the US session today. We expect this Resistance at 1.5100-20 region to hold and might see a pull back once again towards 1.49 in the coming sessions/days. A rally towards 1.5100-20 can be taken as a good opportunity to sell.
The BOE has left the rates unchanged at 0.50% in its meet today.
Limit Sell Order:
Sell GBP 10K at 1.51 , SL 1.5190, TP 1.49
AUD-USD @ 0.9055/58...Trading in the Resistance region (0.9060-80)
R: 0.9060-80 / 0.9115 / 0.9150-60
S: 0.8985-70 / 0.8900-0.8880 / 0.8720-0.8690
Aussie has risen and is now trading in the Resistance region 0.9060-80 mentioned earlier. A strong break above 0.9080 might see further rise towards 0.9100-20 in the US session today. Also a strong break above 0.9080 might increase the chances of revisiting 0.92-93 on the upside. However, while this Resistance region (0.9060-80) continues to hold, we might expect a pull back once again towards 0.88-87 in the coming days. On the downside 0.8720-0.8690 is an important Support region to watch for.
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."