Tuesday June 8, 2010 - 12:26:11 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 08-Jun-2010 - 1224 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 @ 1.1545/48...Buy Dips
R: 1.1620-40 / 1.1690-700 / 1.1753
S: 1.1540-25 / 1.1480 / 1.1450
As expected, Dollar-Swiss has moved down in the Asian and the European session and may further dip towards 1.1550-25 in the US session today, followed by an upmove towards 1.1650 in the coming sessions tomorrow. However, in case of a sharp fall below 1.1550 the pair may touch 1.1480, where we would want to add to our longs in anticipation of a rise towards 1.1650 in a couple of days.
Overall we are bullish on the pair with an expected rise towards 1.19-20 in the coming weeks.
GBP-USD @ 1.4430/33...Ranged with bearish bias
R: 1.4460-80 / 1.4530-50 / 1.4600-30
S: 1.4400-1.4370 / 1.4330 / 1.4240
Cable is continuing to be ranged between 1.4400-4550. We might expect it to retain the range for some time and a breakout on either side of this range would determing the further direction of move. A strong break above 1.4550 might take the pair up towards 1.4600-30. On the downside Support is seen at 1.4400-4370 region and a strong break below 1.4370 might trigger fresh dip towards 1.4200-4100. The overall picture is bearish and we expect a breakout on the downside of this range (1.4400-4550).
Limit Sell Order:
Sell GBP 10K at 1.4520, SL 1.4610, TP Open
AUD-USD @ 0.8197/200...Sell Rallies
R: 0.8210-20 / 0.8260-80 / 0.8310-30
S: 0.8149 / 0.8100 / 0.8037
We have not seen much movement on Aussie in the Asian and the European session today, and continue to hold the same view as we had in the morning.
"The pair has moved up after touching a low of 0.8082 in the Asian session today. We may now expect some rise on the pair towards 0.8250-75 in the US session today, followed by some dip towards 0.8100 in the coming sessions over today and tomorrow.
In the coming weeks, the pair may touch 0.7700, in case of a strong break below 0.8100."
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