Friday August 6, 2010 - 12:38:17 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 05-Aug-2010 - 1232 GMT
USD-CHF 1.0496/99...May move up
R: 1.0550 / 1.0600 / 1.0650
S: 1.0450 / 1.0384-48 / 1.0281
"We continue to hold our morning view on the pair today."
Dollar-Swiss continued to trade in the range of 1.0400-600 and we may see this trend continue in the US sessions today. The pair is currently trading below 1.0500 but may move up near 1.0600 where it will be worth a sell. However, there is also a possibility that the pair may move in a very narrow range of 1.0450-550, in which case it would be best to stay out of the markets.
GBP-USD @ 1.5873/76...Mixed
R: 1.5967-80 / 1.6027
S: 1.5850 / 1.5736 / 1.5635
Cable has been ranged in the region of 1.5820-920 from the past few sessions. The pair has a good Support at 1.5850-30 region as strong break below which may take it towards 1.5750-60 today. However, a break above 1.5970 may take it towards 1.6050, though this break looks unlikely today. The markets will watch the US NFP data due later today very closely, which may decide the course of the move.
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 0.9177/80...Strong Resistance at 0.9200-50
R: 0.9250 / 0.9300 / 0.9365
S: 0.9100 / 0.9050 / 0.8950
"We continue to hold our morning view on the pair."
Aussie is continuing to trade strong. We see good chances of a rise towards 0.9200-50 in the coming sessions today. In the coming days, we see good chances of the pair coming down from 0.9225-50 levels since we have a strong Trendline Resistance on the weekly and the monthly charts which is expected to be honoured.
Limit Sell Order:
Sell AUD 10K at 0.9280, SL 0.9360, TP Open
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