Tuesday August 17, 2010 - 12:42:18 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 17-Aug-2010 - 1235 GMT
EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
R: 1.0550 / 1.0600 / 1.0650
S: 1.0350 / 1.0320 / 1.0219
Dollar-Swiss has been honouring the Support at 1.0350 since the US session yesterday and we may now see it move up towards 1.0500-50 in the coming sessions over today and tomorrow.
While the pair holds 1.0350-400, we expect the pair to move in the range of 1.0350-550-600 before a break on the either side in the coming days.
Overall, we see good chances of the pair continuing to move in this downward sloping channel. Further, in the coming weeks, there are chances that the pair keeps on moving down slowly towards 1.02-01 in case it breaks below 1.0350 in the coming days.
USD 10K at 1.0396, SL 1.0320, TP 1.0600
GBP-USD @ 1.5626/29...Support at 1.5600-20
R: 1.5700 / 1.5750 / 1.5815-39
S: 1.5620-00 / 1.5550 / 1.5500
Cable honoured the Resistance at 1.5650-700 twice since morning today. The pair is moving in a range of 1.5600-700 and we see good chances of it honouring the Support at 1.5600-20 and again moving up in the coming sessions over today and tomorrow. We need to see if the pair moves up to break above the Resistance at 1.5700, which may take it further up towards 1.5750-800 in the next couple of days.
Market Trade (at the time of writing):
Buy GBP 10K Long at current levels, SL 1.5585, TP Open
Limit Buy order:
Buy GBP 10K Long at 1.5560, SL 1.5470, TP Open
Buy GBP 10K Long at 1.5520, SL 1.5470, TP Open
AUD-USD 0.9022/25...Sell rallies
R: 0.9020 / 0.9050 / 0.9110
S: 0.9000 / 0.8900 / 0.8850-30
"We continue to hold our morning view on the pair today."
Aussie moved up (more than we expected) in the US session yesterday and the Asian session today. The pair has some immediate Resistance in the region of 0.9020-25, a break above which may take it towards 0.9050-100 in the coming sessions over today and tomorrow. We do not see much upside on the pair and may see it come down towards 0.8900-50 after it tests the Resistance at 0.9050-100 in the coming sessions over today and tomorrow.
Limit Sell Order:
Sell AUD 10K at 0.9050, SL 0.9140, TP Open
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