Tuesday August 3, 2010 - 11:57:22 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 03-Aug-2010 - 1155 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 1.0368/71...May fall
R: 1.0480-510 / 1.0550 / 1.0615-35
S: 1.0384-48 / 1.0281 / 1.0200
Dollar-Swiss again touched a low of 1.0348 in the European session today and is currently trading higher. The pair has been honouring the Support at 1.0350 from the past few sessions, but has not been able to move up strongly. We will still need to wait and watch if the pair honours the Support at 1.0350 and moves up or breaks below 1.0350 in the coming sessions over today and tomorrow.
A break below 1.0350 may see the pair fall towards 1.0250-00 or even 1.01 in the coming weeks. We see higher chances of a downmove than an upmove over today and tomorrow.
GBP-USD @ 1.5936/39...Buy dips
R: 1.5967 / 1.6027
S: 1.5850 / 1.5736 / 1.5635
As expected, Cable moved up in the Asian and the European sessions today to touch a high of 1.5968. The pair honoured the Resistance at 1.5970 (61.8% retracement of the fall from 1.7042 (Aug-09) to 1.4227 (May-09)) and is currently trading lower. We may see the markets go down towards 1.5900-850, before another rally beyond 1.60 figure in the coming days.
In the longer term, we continue to hold our view of a double bottom on the monthly charts which may result in a very strong upmove in the coming weeks/months.
AUD-USD 0.9107/10...Strong Resistance at 0.9140-60
R: 0.9140-60 / 0.9250 / 0.9300
S: 0.9050 / 0.8950 / 0.8900
"We continue to hold our morning view on the pair."
Aussie honoured the Resistance at 0.9140-60 and came down. The pair is currently trading just above 0.91 figure and we see good chances of the pair honouring the Resistance at 0.9140-60 followed by a downmove towards 0.9050-00 in the coming sessions today. However, a break above 0.9150 may take it towards 0.9250-300, still the possibility of a downmove is higher than the upmove.
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