Wednesday August 11, 2010 - 12:01:15 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 11-Aug-2010 - 1158 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 1.0530/33...May fall towards 1.0450
R: 1.0550 / 1.0600 / 1.0650
S: 1.0450 / 1.0400 / 1.0350
Dollar-Swiss tested the Resistance at 1.0600 and has come down in the US session yesterday. The pair is currently in the upper half of the range (1.0350-1.0620) and has good chances of a dip towards 1.0450 in the coming sessions today.
Overall the pair may continue to move in the range 1.0350-620 before we see it break on the either side in the coming days/weeks.
GBP-USD @ 1.5725/28...Strong Support in the 1.5700-650 region
R: 1.5800 / 1.5900 / 1.5970
S: 1.5700-680 / 1.5635-00
Cable moved down in the Asian and the European session today and is currently trading near 1.57 figure. The pair has good Support near 1.5700-650 which may not be broken in the coming sessions today, followed by an upmove towards 1.5800-50 over today and tomorrow.
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 0.9036/39...Crucial Support at 0.9000
R: 0.9100 / 0.9150 / 0.9220
S: 0.9000 / 0.8950 / 0.8850
Aussie has moved down in the Asian session today and is currently trading in the Support region of 0.9030-9000, which may not be broken strongly in the coming sessions over today and tomorrow. While above 0.9000, we see good chances of the pair moving up towards 0.9100-50 over the next few sessions.
However, a break below 0.9000 may see the pair fall further towards 0.8970-50 in the coming sessions today.
AUD 10K Long at 0.9030, SL 0.8940, TP 0.9250
Limit Buy Order:
Buy AUD 10K at 0.9000, SL 0.8940, TP 0.9250
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