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Tuesday July 20, 2010 - 13:15:32 GMT
FX Thoughts for the Day - www.fxthoughts.com

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FX Thoughts for the day : 20-Jul-2010 - 1218 GMT

USD-CHF 1.0533/37...13-DMA Resistance at 1.0551
R: 1.0551 / 1.0597 / 1.0624
S: 1.0470 / 1.0430-00 / 1.0348

We continue to hold our morning view on the
pair.

Dollar-swiss has not moved much in the US session yesterday and the Asian session today. The pair is honouring the 13 DMA Resistance (1.0551) from some days now and we need to wait and watch if the markets break this Resistance in the coming sessions today. We see 60-40 chances of this Resistance (13 DMA) being honoured in the coming sessions today.

We continue to hold a long term bullish view on the pair with chances of a rise towards 1.0900-1.10 in the coming weeks, on a weekly close above the 1.06 figure.

Holding:
USD 10K long at 1.0403, TSL 1.0465 (up from 1.0425), TP 1.0554 (changed from open)  


 GBP-USD @ 1.5170/75...Mixed
R: 1.5200 / 1.5300 / 1.5352
S: 1.5120-098 / 1.5050-30

Cable has fallen below the important level of 1.5200 in the Europen session today and is currently trading just above 1.5150. The pair has some Support in 1.5150-100 which is expected to hold in the coming sessions today. We see good chances of the pair moving up towards 1.5200-300 in the coming days after honouring the Support at 1.5150-100 region, where it may be a good buy.

 
 AUD-USD 0.8740/43...Bearish
R: 0.8750-80 / 0.8813 / 0.8867
S: 0.8710-685 / 0.8650 / 0.8600-580

Aussie touched a high of 0.8814 in the Asian session today but has now come down to trade near 0.8750. The pair has once again tested the 55 Week MA Resistance (0.8815) and the 13 Month MA (0.8812) and has come down. There are high chances of the pair moving down towards 0.8700-650 in the coming days.

Limit Sell Order:
Sell AUD 10K at 0.8775, SL 0.8850, TP Open


Happy Trading!
 

 

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