Monday June 7, 2010 - 12:28:57 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 07-Jun-2010 - 1227 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 @ 1.1629/32...Ranged
R: 1.1650 / 1.1700 / 1.1760
S: 1.1550 / 1.1480 / 1.1417
Dollar-Swiss touched a high of 1.1674 and has come down from there. We may expect the pair to dip towards 1.1550 in the US session today followed by an upmove towards 1.1650 in the coming sessions tomorrow. Though a strong fall below 1.1550 may bring down the pair to 1.1480, which may hold, followed by an upmove later in the week.
Overall we are bullish on the pair with an expected rise towards 1.19-20 in the coming weeks.
GBP-USD @ 1.4502/05...Sell Rallies
R: 1.4520-40 / 1.4583 / 1.4654
S: 1.4454-70 / 1.4351 / 1.4250
Cable has moved up after touching the low at 1.4388, in the Asian and the European session today. The pair may move up further towards 1.4550 or even 1.4583, followed by a dip towards 1.4450 in the coming sessions tomorrow.
Overall, we expect the pair to move down towards 1.4250-100 in the next few weeks.
AUD-USD @ 0.8209/12...Sell Rallies
R: 0.8220 / 0.8342 / 0.8450
S: 0.8100 / 0.8037 / 0.7800
The pair tested the weekly trendline Support at 0.8110 and has moved up. We may now expect some rise on the pair towards 0.8250-300 in the US session today, followed by some dip towards 0.8100 in the coming sessions tomorrow.
In the longer term (about 3-4 weeks), we continue to hold a bearish view on the pair of a probable fall towards towards 0.77.
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