Tuesday June 29, 2010 - 12:42:34 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 29-Jun-2010 - 1240 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 @ 1.0864/67...Holding Long
R: 1.0912 / 1.0958
S: 1.0817 / 1.0780 / 1.0738
As expected, the Support at 1.0780-800 has held strongly and Dollar-Swiss has moved up further in the European session today. We may see the pair move further towards 1.0910-20 in the US session today. There are chances that the pair may be ranged between 1.0800-950 for the next few sessions before a break on the either side.
Though we are bullish on the pair in the long run, there are distant chances that the pair may see 1.0680-700 on a break below 1.0780 in the coming days. However, if 1.0800 holds, the pair may an upmove towards 1.10 initially and then 1.11.
USD 10K Long at 1.0848, SL 1.0790 (up from 1.0720), TP 1.10
Limit Buy Order:
Buy USD 10K at 1.0790, SL 1.0710, TP 1.10
GBP-USD @ 1.5080/83...May move up
R: 1.5125 / 1.5155 / 1.5200
S: 1.5020-5000-4985 / 1.4952
Cable has fallen through out the Asian and the European session today. We may see the pair move up towards 1.5150-200 in the coming sessions over today and tomorrow. There as less chances of a sharp fall below the Support at 1.5018, the 21-week Moving Average. While this holds, we can see an intra-day rise towards 1.5150-55, where there is a trendline Resistance on the Daily, 3-Day and Weekly Candles. Please take a look at
However, in case the Resistance at 1.5150 is broken, a further rise to 1.52 or even 1.53 could take place. Chances are less, though.
AUD-USD @ 0.8574/77...May rise towards 0.8700
R: 0.8600 / 0.8671 / 0.8704-27
S: 0.8566-55 / 0.8545-25 / 0.8475
As expected, Aussie fell in the Asian and the European session today. The pair may see some strong Support in the region of 0.8565-40, which may drive the pair towards 0.8700 in the coming sessions over today and tomorrow. Note that 0.8563 is the 38.2% retracement of the fall from 0.9366 (12-Apr) to 0.8071 (20-May). The Aussie has weakened in the overall strengthening of the US Dollar and Jap Yen. However, it does not appear to be as vulnerable as the Euro or the Pound.
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