Thursday June 3, 2010 - 12:15:12 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 03-Jun-2010 - 1213 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 @ 1.1537/40...Retaining the range (1.15-16)
R: 1.1570-1.16 / 1.1635-50 / 1.17
S: 1.1500-1470 / 1.1404/ 1.1370
Dollar-Swiss us continuing to trade between 1.15-16 and has risen from the lower end of this range during the day. A breakout on either side of this range would determine the further direction of move.
On the upside 1.1570-1.16 is the significant Resistance region to watch for and and break above it might take it further up towards 1.1650-1700 in the coming sessions. On the downside 1.1500-1.1470 is the significant Support region to watch for and a strong break below it might see 1.14 on the downside. Note that the 21-DMA is currently at 1.1404.
USD 10K Short at 1.1508, SL 1.1635, TP 1.1420
Limit Sell Order:
Sell USD 10K at 1.1570, SL 1.1635, TP 1.1420
GBP-USD @ 1.4685/88...Resistance at 1.4770 holding
R: 1.47 / 1.4770-1.48 / 1.4830
S: 1.4610 / 1.4550 / 1.45
Cable has come off from the day's high of 1.4742 and is now trading below 1.47. Failure to see a strong upmove above 1.47 has now increased the chances of a dip once again towards 1.46 in the US session today. Note that the 21-MA on the 4-hr chart which held very well during the sharp fall in the US session yesterday is currently at 1.4610. While it continues to hold we might see a bounce back once again towards 1.4750-70 in the coming sessions. However, a break below 1.46 might pull it further down towards 1.45.
AUD-USD @ 0.8478/81...Might test 21-DMA Resistance (0.8580)
R: 0.8500-25 / 0.8580 / 0.8635
S: 0.8460 / 0.8410-00 / 0.8350
Though Aussie continued to trade higher, a strong break above 0.85 was not seen during the day. However, a sharp downmove was also not seen. With immediate Support at 0.8460 and Support at 0.8410-00 region, we might expect further rise towards 0.8550-80 in the coming sessions. Note that 0.8580 is the 21-DMA and a strong break above it might trigger fresh rally towards 0.8700-50. On the other hand if the 21-DMA Resistance holds, we might see a pull back once again towards 0.85-84.
Limit Buy Order:
Buy AUD 10K at 0.8430, SL 0.8340, TP 0.8560
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