Thursday May 27, 2010 - 12:22:47 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 27-May-2010 - 1220 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 @ 1.1554/57...Buy dips
R: 1.1600-20 / 1.1680-1.17 / 1.1730-50
S: 1.1500-1480 / 1.450 / 1.1420-00:
Though Dollar-Swiss is continuing to trade below 1.16, the Support at 1.1500-1.1480 region mentioned earlier is still holding. The low recorded for the day so far is 1.1503. As mentioned in our Morning Commentary, failure to see a strong break above 1.16 yesterday has left a little high chance of a breaking below 1.1480 and moving down to test the next Support at 1.1420. Remember, the broader picture continues to remain bullish and any fall towards 1.1450-20 can be considered as a good opportunity to buy.
On the other hand, if the immediate Support region (1.1500-1.1480) continues to hold and a bounce back from the current level would see a strong break above 1.16 which might take it further up towards 1.17-18.
Limit Buy Order:
Buy USD 10K at 1.1450, SL 1.1360, TP Open
GBP-USD @ 1.14489/92...Support at broad 1.4450-00 region
R: 1.4580-46 / 1.47 / 1.4750
S: 1.45-4480 / 1.4450 / 1.44
Contrary to our expectation, Cable has broken above the upper end of the range (1.4220-4520) in which it was trading since last week. Though it has come off from the day's high of 1.4586, with Support at the broad 1.4450-00 region, we now see good chances of further rise towards 1.4700-50 in the coming days. On the other hand, a strong break below 1.44 might pull it down once again towards 1.42.
AUD-USD @ 0.8382/87...Resistance at 0.8414 (55-MA on the 4-hr chart)
R: 0.8414 / 0.8450 / 0.8470-0.85
S: 0.8340 / 0.8250 / 0.82
Aussie has risen during the day as expected. As mentioned in our Morning Commentary, while the Support on the downside at 0.82 continues to hold, we might expect a rise towards 0.85-0.86 in the coming days. The 55-MA on the 4-hr chart ( currently 0.8414) is currently providing some Resistance. If it continues to hold, we might see a pull back once again towards 0.83-82 in the coming sessions.
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