Thursday August 19, 2010 - 12:19:39 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 19-Aug-2010 - 1216 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 @ 1.0384/87...Ranged, holding Long
R: 1.0420 / 1.0450-65 / 1.0500-10 / 1.0538
S: 1.0375-60 / 1.0340 / 1.0300
Dollar-Swiss has seen an intra-day dip to a low of 1.0375-71 so far, and currently trades just below 1.0400. Range Support is seen at 1.0340. While this holds, there would still be chances of a rally back up towards 1.0450 or even 1.0550.
USD 10K Long at 1.0420, SL 1.0330, TP 1.0500 (down from 1.0510). As soon as the market trades 1.0470 after Entry, bring SL up to 1.0430.
GBP-USD @ 1.5638/41...Totally mixed now
R: 1.5665-5700 / 1.5715-45 / 1.5778
S: 1.5602-5588 / 1.5500-5490
The Pound has repeated yesterday's price action almost to the last pip, falling first to 1.5506 and then rising sharply to a high of 1.5666. This kind of yo-yo movment is likely to hurt both bulls and bears. It is best to stay out for a while now. Let the market either close above 1.57, which might be a signal to go Long; or let it close below 1.55, which might be a signal to go Short. In the meanwhile, those adept at range trading may try to milk the 1.55-57 range.
Our Long at 1.5630 has been stopped out at 1.5540.
AUD-USD @ 0.9004/08...Ranged near term, holding Short.
R: 0.9018 / 0.9053-58 / 0.9063-69
S: 0.8900 / 0.8950 / 0.8920
The Aussie has moved up today, in line with expectation, but it has not moved up as much as anticipated, at least not yet. There can be room on the upside till 0.9040-50, or maybe even 0.9070. From either of these levels. the market can come back down towards 0.8950-20.
AUD 10K Short at 0.9050, TSL 0.9020, TP Open
Limit Sell Order:
Sell AUD 10K at 0.9040, SL 0.9130, TP Open
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