Friday June 25, 2010 - 12:26:54 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 25-Jun-2010 - 1225 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 @ 1.0998/1.1002...Migh test the Support at 1.0950-30 region
R: 1.1050 / 1.11 / 1.1158
S: 1.0950-30 / 1.0900-1.0880 / 1.0850
Dollar-Swiss is continuing to trade lower and is inching slowly towards the significant Support at 1.0950-30, the downmove which we have been expecting all through this week. We expect this Support at 1.0950-30 to hold and might see a bounce back once again from this Support region (1.0950-30). On the upside the 55-DMA (currently at 1.1158) is the significant Resistance level to watch for.
Limit Buy Order:
Buy USD 10K at 1.0950, SL 1.0860, TP Open
GBP-USD @ 1.4931/35...Resistance at 1.50 holding
R: 1.4980-5000 / 1.5040-50 / 1.51
S: 1.49 / 1.4850 / 1.48
Cable is continuing to trade below 1.50 and looks like losing its upside momentum. While below 1.50 there are good chances of witnessing a strong break below 1.49 and see a downmove towards 1.48-47 in the coming days. We expect this Resistance at 1.50 to continue to hold. However, a break above 1.50 might see 1.5050 on the upside which is the next significant Resistance level seen above 1.50. Note that the 21-Week-MA is at 1.5039.
Limit Sell Order:
Sell GBP 10K at 1.4980, SL 1.5060, TP Open
AUD-USD @ 0.8650/53...Might dip to 0.8600-0.8550
R: 0.8680-0.87 / 0.8750 / 0.8785-0.88
S: 0.8600 / 0.8550 / 0.85
Though Aussie is continuing to trade below 0.87, a strong break below 0.86 was not seen during the day. However, we expect it to remain pressured on the downside as we see strong Resistance at 0.8680-0.8700 which we expect to hold. Note that the 21-Week-MA Resistance is also at 0.8702. We might see a downmove towards 0.8600-0.8550 in the US session today. 0.8550 is a significant Support seen on the downside and a strong break below it might see fresh dip towards 0.83 in the coming days/weeks.
The 55-DMA (currently at 0.8787) is the significant Resistance level to watch for on the upside above 0.87.
AUD 10K Short at 0.8780, TSL 0.8715 (down from 0.8745), TP Open
As soon as the market trades 0.8580 bring TSL further down towards 0.8660 and as soon as the market trades 0.8550 bring TSL further down towards 0.8630
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