Wednesday May 19, 2010 - 12:13:32 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 19-May-2010 - 1211 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 @ 1.1468/73...Bullish
R: 1.1500-30 / 1.1570 / 1.17
S: 1.1430 / 1.1365 / 1.1270
Dollar-Swiss is retaining its overall upside momentum and has bounced back in the US session yesterday from the low of 1.1267. It is continuing to trade above 1.1450 in the Asian and European session today. The overall bullish sentiment is still intact and we might expect a strong break above 1.15 and see further rise towards 1.17-18 in the coming sessions/days.
On the downside immediate Support is seen at 1.1430 and a strong break below it might pull it further down towards 1.1365 (21-MA on the 4-hr chart) which is a significant Support that has been holding over the last few days.
GBP-USD @ 1.4279/82...Might dip to 1.41
R: 1.43 / 1.4357 / 1.44
S: 1.4230 / 1.4183 / 1.41-1.4080
Cable fell sharply breaking below 1.44 in the US session yesterday and is continuing to trade lower. The pull back seen in the Asian session today was restricted by the 8-MA on the 4-hr chart (currently at 1.4357) and it has come off once again from 1.4372 thereby retaining the overall bearish sentiment. Any sharp upmove is not looking likely now and we might see further downmove towards 1.41 in the coming sessions. However, a strong break above 1.43 might take it further up towards 1.4350-1.44.
AUD-USD @ 0.8442/46...Bearish
R: 0.8480 / 0.8580-0.86 / 0.8670
S: 0.84 / 0.8355-35 / 0.8250
Aussie broke below 0.87 and fell sharply towards 0.85 as expected. It has even broken below 0.85 today and is trading lower keeping up the bearish sentiment intact. The break below 0.85 has added further downside pressure and now we see a threat of further fall towards 0.8230-00 in the coming sessions/days. The pair is looking very strong on its downmove and we expect it to trade below 0.86. Resistance is seen at 0.8580-0.86 which might be tested if a sharp pull back breaking above 0.85 is seen. We expect this Resistance at 0.8580-0.86 to hold.
Limit Sell Order:
Sell AUD 10K at 0.8580, SL 0.8670, TP 0.8230
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