Wednesday June 23, 2010 - 12:19:34 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 23-Jun-2010 - 1218 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 @ 1.1088/91... Ranged
R: 1.1100-20 / 1.1147 / 1.12
S: 1.10 / 1.0950-30 / 1.09
Dollar-Swiss trading silent in the range of 1.1050-1.11 since the Asian session today. With no significant movement on either side, our view continues to remain the same as mentioned in our Morning Commentary and is given below.
While below the 55-DMA Resistance there are good chances of a further downmove towards 1.0950-30 in the coming days. This 1.0950-30 is a very significant Support region seen on the downside which is expected to hold. We might see a bounce back once again from this Support region (1.0950-30).
Limit Buy Order:
Buy USD 10K at 1.0950, SL 1.0860, TP Open
GBP-USD @ 1.4916/19...Resistance at 1.4953
R: 1.4953 / 1.5000 / 1.5050
S: 1.4877 / 1.48 / 1.4770-50
cable has risen sharply breaking above the 55-DMA Resistance (1.4877) in the European session today and recorded a high of 1.4943. The BOE Minutes release that showed a split in deciding whether to increase the interest rates this month, triggered this upmove. Resistance is seen at 1.4953 which is expected to hold in the US session today. We might see a pull back once again towards 1.48-47 in the coming sessions.However, a strong break above it might see further rise towards 1.5000-50 in the coming sessions.
GBP 10K Short at 1.4870, SL 1.4960, TP Open
As soon as the market trades 1.4800 trail SL to 1.4860
AUD-USD @ 0.8737/40...Support at 0.8675 (8-DMA) holding
R: 0.8750 / 0.8809 / 0.89
S: 0.8675 / 0.8600 / 0.8550
The Support at 0.8675 (8-DMA) mentioned earlier is holding. However, much strength on either side is not seen adn Aussi is trading silent. Immediate Support is seen at 0.8675 (8-DMA) and a break below it might take it further down towards 0.8600-0.8550. On the upside he 55-DMA (0.8809) is the significant Resistance level to watch for. We expect this Resistance to hold for some time. However, a strong break above it might see further rise towards 0.89.
Limit Sell Order:
Sell AUD 10K at 0.8780, SL 0.8860, TP Open
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