Friday July 2, 2010 - 12:35:56 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 02-Jul-2010 - 1234 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 @ 1.0659/62...May fall further
R: 1.0699 / 1.0765-90 / 1.0820-50
S: 1.0600 / 1.0486 / 1.0400
We retain the view on the pair which we had in the morning.
"Dollar-Swiss touched a low of 1.0577-76 in the US session yesterday. The pair is currently trading above the 200 DMA Support (1.0618), which may keep the pair above 1.0600 for some time. However, please note that the pair has broken below all important Support levels in the past few sessions and we may now see it fall towards 1.0400 in the coming sessions over the next few days."
GBP-USD @ 1.5193/96...Ranged with a bullish bias
R: 1.5228 / 1.5371 / 1.5446
S: 1.5050-20 / 1.4941 / 1.4950
Cable touched a high of 1.5215 in the European session today. We may see the pair move in the range of 1.5100-200 in the coming sessions today, followed by a rise towards 1.5250-300 next week. Please note that the much awaited US NFP data is expected today which may decide the course of the movement in the coming sessions over today and monday.
Overall, we see higher chances of the pair moving up towards 1.54-55 in the coming days/weeks.
AUD-USD @ 0.8444/47...Mixed
R: 0.8530-55 / 0.8600 / 0.8640-60
S: 0.8404 / 0.8311 / 0.8230-20
Aussie touched a high of 0.8510 in the Asian session today and has come down to trade below 0.8450 in the European session today. The pair bounced from the 200 Week MA Support (0.8311) yesterday and is stil trading higher. There are high chances that the pair may move up towards 0.8600 in the coming sessions over the next couple of days, followed by a dip towards 0.8400-350 in the coming days/weeks.
Please note that the crucial US NFP data is due today which may drive the markets in the US session today.
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