Friday May 14, 2010 - 12:19:19 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 14-May-2010 - 1218 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 @ 1.1218/21...Ranged
R: 1.1250-60 / 1.1302 / 1.1452
S: 1.1182 / 1.1131 / 1.1084
Dollar-Swiss touched a high of 1.1266 in the European session today. The pair has broken above the Resistance at 1.1182 and may now move in the range of 1.1150-1250 before a break above 1.1250 in the coming sessions over today and monday. However, a sharp dip below 1.1182 may bring it down towards 1.1100 in the US session today, still, we see higher chances of a move in the range of 1.1150-1250.
Overall, the Double bottom has become evident on the Weekly and the Monthly charts and we may now see the pair move up strongly in the coming weeks/ months.
Limit Buy Order:
Buy USD 10K at 1.1060, SL 1.0970, TP Open
Buy USD 10K at 1.1010, SL 1.0960, TP Open
GBP-USD @ 1.4581/84...Bearish
R: 1.4630-45 / 1.4700-30 / 1.4790-1.4815
S: 1.45 / 1.4448 / 1.44
Cable fell towards 1.45 as expected. However, ithas bounced back from the low of 1.4495 and is now trading just below 1.46. A strong break above 1.46 might see further rise towards 1.47-48. However, the broader picture continue to remain bearish and a rally to 1.47-48 can be considered as a good opportunity to sell. As mentioned mentioned in our Morning Commentary, with yesterday's sharp fall breaking below 1.47, we even see a threat of a further downmove towards 1.42-40 in the coming days/weeks.
Limit Sell Order:
Sell GBP 10K at 1.48, SL 1.4890, TP Open
AUD-USD @ 0.8918/21...May go down
R: 0.8973 / 0.9040-60 / 0.9096
S: 0.8900 / 0.8863-43 / 0.8820-00
Aussie touched a low of 0.8907 in the European session today. We may see the pair fall towards 0.8850-00 in the coming sessions over today and monday. However, a strong break above 0.8978 (200 DMA Resistance) may push the pair towards 0.9050, though, we see higher chances of the Resistance at 0.8978 being honoured.
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