Tuesday July 6, 2010 - 12:36:54 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 06-Jul-2010 - 1235 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 @ 1.0623/26...Ranged
R: 1.0699 / 1.0765-90 / 1.0820-50
S: 1.0600-580 / 1.0486 / 1.0400
Dollar-Swiss dipped to a low of 1.0563 in the European session today but is currently trading above 1.06 figure. The pair has been honouring the 200-DMA Support (1.0621) and the 55 Week MA Support (1.0628) from the past few sessions and we need to wait and watch if the pair honours these Supports and bounces back, or breaks below 1.0600 in the coming sessions/days.
We see higher chances of the pair honouring the immediate Supports (200 DMA and the 55 Week MA) and moving up in the coming days, though the markets may move sideways for some more sessions.
GBP-USD @ 1.5182/85...Bullish
R: 1.5220-30 / 1.5294 / 1.5345
S: 1.5140-40 / 1.5050 / 1.4983
Cable went up to touch a high 1.5207 in the European session today. We may now see the pair dip towards 1.5150 followed by a rise towards 1.5250-300 in the coming sessiond over today and tomorrow.
Overall, we are bullish on the pair with high chances of going up towards 1.5400 later this week.
AUD-USD @ 0.8529/32...Buy dips
R: 0.8545 / 0.8600 / 0.8717
S: 0.8450 / 0.8350 / 0.8230-20
Aussie has honoured the 200 Week MA in the Asian and the European sessions today and is trading near 0.8500. We may see the pair move up towards 0.8600-50 (or even 0.8750) in the coming sessions over today and tomorrow. Though, the pair may see some Resistance near 0.8520-40 in the US session today followed by an upmove in the coming sessions tomorrow.
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