Thursday June 24, 2010 - 12:27:56 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 24-Jun-2010 - 1226 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 @ 1.1051/55...Ranged narrowly
R: 1.11 / 1.1152 / 1.12
S: 1.10 / 1.0950-30 / 1.09
Dollar-Swiss is trading in a very narrow range of 1.1030-70 since the Asian session today. With no significant seen on either side, our view continues to remain the same on the pair. While below 1.11, we see good chances of further downmove towards 1.0950-30 which is a very significant Support region to watch for. We expect this Support region to hold and might see a bounce back once again from this Support region (1.0950-30). Note that the 55-DMA (currently at 1.1152) is a very important Resistance to watch for on the upside.
Limit Buy Order:
Buy USD 10K at 1.0950, SL 1.0860, TP Open
GBP-USD @ 1.4973/76...Immediate Resistance at 1.5000 holding
R: 1.5000 / 1.5040-50 / 1.51
S: 1.4950-30 / 1.4885 / 1.4835-15
Cable, though continuing to trade higher is struggling to see a strong break above 1.50. However it is still keeping up the chances of further upmove towards 1.5050 in the coming sessions. This 1.5050 is the significant Resistance level seen above 1.50. Note that the 21-Week-MA is at 1.5042. We expect the Resistance at 1.5050 to hold incase a break above 1.50 is seen in the US session today.
On the other hand, failure to see a strong break above the immediate Resistance at 1.50 might see a pull back once again towards 1.49-48 in the coming sessions.
AUD-USD @ 0.8656/59...Holding Short
R: 0.87 / 0.8750 / 0.8799
S: 0.8650 / 0.8600-0.8580 / 0.8550
Aussie fell sharply breaking below 0.87 thereby keeping up the overall bearish sentiment intact. As mentioned earlier we might see further downmove towards 0.8600-0.8550 in the coming sessions. Immediate Resistance is seen at 0.87 which might hold in the US session today as the pair is looking strong in its current downmove. The 55-DMA (currently at 0.8799) is the significant Resistance level to watch for on the upside.
AUD 10K Short at 0.8780, TSL 0.8745 (down from 0.8765), TP Open
As soon as the market trades 0.8630 bring TSL down to 0.8720 and as soon as the market trades 0.8580 bring TSL further down towards 0.8660
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