Monday May 24, 2010 - 12:09:45 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 24-May-2010 - 1208 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 @ 1.1576/80...Bullish
R: 1.1615-40 / 1.1726 / 1.18
S: 1.15-1.1470 / 1.1450-30 / 1.1400
A break above 1.1580 was seen as expected, but failing to sustain on the upside, Swiss has come off from the high of 1.1605 and is once again trading within the range 1.1450-1.1580 in which it has been trading over the last couple of days. However, failure to see a break below 1.15 during the day is keeping up the overall bullish sentiment intact. With good Support at 1.1500-1.1470 region, we continue to remain bullish for further rise towards 1.17-18 in the coming sessions/days.
Limit Buy Order:
Buy USD 10K at 1.1470, SL 1.1380, TP 1.1730
GBP-USD @ 1.4355/59...Ranged with bearish bias
R: 1.4425-50 / 1.4580-4600 / 1.4730
S:1.4334 / 1.4220-00 / 1.41
Cable has come sharply from the high of 1.4528, there by retaining the range 1.4220-4520. A breakout on either side of this range would determine the further direction of move. We might expect a downmove towards the lower of the range, 1.4220 in the coming sessions. Overall the pair is continuing to remain ranged with a bearish bias. The chances of breaking above the upper end of the range and witnessing a rise towards 1.4700-50 that we had mentioned in our Morning Commentary is very less now.
Limit Sell Order:
Sell GBP 10K at 1.4490, SL 1.4580, TP Open
AUD-USD @ 0.8273/79...Bearish
R: 0.8310-30 / 0.8414 / 0.8551
S: 0.8250-35 / 0.8160-30 / 0.81
Aussie is continuing to trade weak. With no significant movement on either side during the day, our view continues to remain the same as mentioned in our Morning Commentary and it is given below.
With lack of upside momentum, the pair is continuing to remain weak. While below 0.8350, we might expect further downmove towards 0.82-0.8150 in the coming sessions. On the downside 0.8165-30 is a very crucial Support region, a strong break below it might pull the pair further down towards 0.80-79 in the coming weeks.
On the other hand, if the pair gains upside momentum, a strong break above 0.8350 might trigger fresh rally towards 0.8550-80. However, the chances of such sharp rise is not looking likely now.
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