Monday July 26, 2010 - 12:43:06 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 26-Jul-2010 - 1241 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF 1.0498/501...Buy dips
R: 1.0550 / 1.0615-35 / 1.0700
S: 1.0400-384 / 1.0348 / 1.0250
Dollar-Swiss honoured the Strong Resistance at 1.0550 and has came down again in the Asian and the European sessions today. We now see high chances of the pair falling below the important level of 1.0480, which may see it go down towards 1.0400 in the coming sessions over today and tomorrow. 1.0400 is an important Support and we would look to get in at those levels (1.0400) with a tight stop as an insurance against a fall towards 1.0250-00 in case of a strong break below 1.0400. However, we see higher chances of 1.0400 holding.
In the next couple of weeks we see good chances of the pair move in the region of 1.0400-600, followed by a breakout on the higher side.
Limit Buy Order:
Buy USD 10K Long at 1.0400, SL 1.0335, TP Open
GBP-USD @ 1.5508/11...200 DMA at 1.5560
R: 1.5560 / 1.5600 / 1.5635
S: 1.5400 / 1.5350 / 1.5300
Cable is currently trading above the 21 Month MA (1.5480). Please note that 1.5480-560 is a very strong Resistance region for the pair and we see less chances of a break above this region in the coming sessions over tody and tomorrow. While below 1.5560, the pair may come down towards 1.5420-00 in the US session today. However, an immediate rally above 1.5560 may take it towards 1.5600-50, though we see less chances of an immediate upmove.
In the long term, we see good chances of the pair honouring the double bottom on the monthly charts and moving up towards 1.60 figure in a couple of months.
GBP 10K short at 1.5480, SL 1.5570, TP
AUD-USD 0.8965/68...Strong Resistance in the 0.8941-75 region
R: 0.8941-75 / 0.9016 / 0.9114
S: 0.8825 / 0.8770-50 / 0.8610-580
AUSSIE went to trade above the 0.8975 level in the Asian session today but is again trading in the Resistance region of 0.8941-75. On a strong break above 0.8975, we would want to stay out before we get some clarity on the markets. However, in case 0.8975 holds, the marketas may come down to trade near 0.8900-850 region in the coming sessions over today and tomorrow.
AUD 10K at Short 0.8941, at SL 0.8990, TP Open
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."