Wednesday July 7, 2010 - 12:45:38 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 07-Jul-2010 - 1242 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 @ 1.0588/91...Cautious
R: 1.0699 / 1.0765-90 / 1.0820-50
S: 1.0600-580 / 1.0486 / 1.0400
Dollar-Swiss is trading below the 200-DMA Support (1.0622) and the 55 Week MA Support (1.0628) in the European session today. We still need to see if the pair breaks strongly below the immediate Support at 1.0580, in which case there are chances of the pair moving towards 1.0486 in the coming sessions over today and tomorrow. However, if it honours the Support at 1.0580, it may again retain the range of 1.0550-650.
GBP-USD @ 1.5119/22...Bullish
R: 1.5160-70 / 1.5310 / 1.5340
S: 1.5050-20 / 1.4983 / 1.4940-20
The pair touched a high of 1.5227 in the US session yesterday, followed by a dip towards 1.5081 in the Asian session today. The pair may now move up towards 1.5250-300 in the coming sessions 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 @ 0.8491/94...Buy dips
R: 0.8520-45 / 0.8600 / 0.8717
S: 0.8350 / 0.8320-00 / 0.8230-20
"We retain the same view on the pair which we had in the morning."
As expected, Aussie moved up to 0.8560 in the US session yestarday and then came down. We see high chances of the pair moving up towards 0.8550-600 in the coming sessions today. In the near term we are bullish on the pair with chances of a rise towards 0.8650-700 towards the end of this week.
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