Tuesday May 11, 2010 - 12:33:00 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 11-May-2010 - 1231 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 @ 1.1100/04...Mixed
R: 1.1120 / 1.1180-90 / 1.1250
S: 1.1080 / 1.1025 / 1.0940
Dollar-Swiss was unable to break above the Resistance at 1.1120 in the European session today. The pair is currently trading near 1.1100 and a break below 1.1080 may pull it down towards 1.1000 in the US session today. However, if the pair honours the Support at 1.1080, it may rise towards 1.1200 in the coming sessions over today and tomorrow.
GBP-USD @ 1.4789/92...Might dip further
R: 1.48 / 1.4870-1.49 / 1.50
S: 1.4707 / 1.4650 / 1.4580
Cable broke below the Support region 1.48-1.4770 and is keeping up our overall bearish sentiment intact. While below 1.48, we see good chances of further fall towards 1.45-44 in the coming sessions/days. Any sharp upmove is not looking likely as the pair is not showing much strength on its upmove now. However, a break above 1.48 might take it up towards the Resistance at 1.4870-1.49 region in the US session today. The broader picture continue to remain bearish with strong Resistance at 1.50-51 region.
AUD-USD @ 0.8941/44...May fall
R: 0.8970 / 0.9060 / 0.9100
S: 0.8900-0.8880 / 0.8820 / 0.8720-0.8690
Aussie is trading below the 200 DMA Support at 0.8970 in the European Session today. The pair may see some fall towards 0.8900-850 in the US session today. However, an immediate rise above 0.8970 may push it towards 0.9000, though, the chances of a down move are higher.
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