Thursday June 10, 2010 - 12:19:46 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 10-Jun-2010 - 1217 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 @ 1.1455/58...Buy dips
R: 1.1500 / 1.1565-90 / 1.1620-40
S: 1.1408 / 1.1362 / 1.1300
"We retain the same view on the pair which we had in the morning"
Dollar-Swiss has been ranged in the past few sessions and is currently trading below 1.1480. We may see the pair fall further towards 1.1400 over the coming sessions today. Having said this, we would still prefer to be out of the markets immediately, and would want to enter longs at lower levels ie 1.1400-350, in anticipation of a rise towards 1.1550-650 in the coming sessions over the next few days.
Overall we are bullish on the pair with an expected rise towards 1.19-20 in the coming weeks.
GBP-USD @ 1.4595/98...Sell Rallies
R: 1.4640-60 / 1.14705
S: 1.4500 / 1.4450 / 1.4370-51
Cable has moved up slightly in the Asian and the European session today. We may see the pair move up towards 1.14650-700 in the coming sessions today, followed by a down move below 1.4400 in the next few days. We would want to sell rallies rather going long at these levels.
Overall, we are bearish on the pair with an expected fall towards 1.4250-100 in the next few weeks.
AUD-USD @ 0.8413/16...Bullish
R: 0.8430-50 / 0.8600
S: 0.8330-10 / 0.8250 / 0.8220
Double-Bottom evident on the Aussie daily charts. The pair has moved up slightly in the European session today and may go up further towards 0.8500-50 in the coming sessions over today and tomorrow. Though, we see less chances of any immediate sharp downmove, a test of the Resistance at 0.8400 may pull it towards 0.8250, still we have a preference of it moving up in the next few days.
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