Tuesday August 10, 2010 - 13:00:32 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 10-Aug-2010 - 1240 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 1.0598/601...May rise towards 1.0650 before another fall
R: 1.0600 / 1.0650 / 1.0699
S: 1.0550 / 1.0450 / 1.0400
"We continue to hold our morning view on the pair."
Dollar-Swiss honoured the Support at 1.0350 and rallied in the US session yesterday and the Asian session today. The pair is trading near 1.0550 and may move up further to touch 1.0600-30 before another dip towards 1.0500-450 in the coming session over today and tomorrow. However, a strong break above 1.0600-50 may take the pair up towards 1.0750 in the coming days, though an immediate break above 1.0650 looks unlikely.
GBP-USD @ 1.5715/18...May see some more fall
R: 1.5900 / 1.5970 / 1.6027
S: 1.5750 / 1.5700 / 1.5635
As expected, Cable came down further in the Asian session today and is currently trading just above 1.5700. the pair may find some Support near 1.5725-675 followed by another fall towards 1.5600-550 in the coming sessions over today and tomorrow. However, if 1.5700 holds, we may see some immediate upmove on the pair towards 1.5800-50 in the coming sessions over today and tomorrow, though our preference is of a downmove.
Please note that 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 towards 1.62-63.
AUD-USD 0.9071/73...May fall further
R: 0.9150 / 0.9220 / 0.9300
S: 0.9050 / 0.8950
As expected, Aussie has come down further in the European session today and may continue its downmove in the US session today. Please note that the outcome of the FOMC Meeting will be looked at very closely by the markets and may decide the course of the movement for the coming sessions. Our preference is for a dip towards 0.9000-8950.
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