Friday August 20, 2010 - 11:09:58 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 20-Aug-2010 - 1210 GMT
USD-CHF @ 1.0347/51...Upward reversal movement
R: 1.0370 / 1.0390-0400
S: 1.0330 / 1.0310
In the morning, Dollar-Swiss briefly broke the 1.03 handle to test 1.0286. However, what seems like a move to trigger sell-stops, quickly reversed and pulled the pair up to round 1.0350. With the pair holding above 1.0330 and 1.0310, we may now expect a move towards 1.0450 over the next couple of trading sessions. That said, looking at the Weekly Close, the picture looks bearish overall for a test of 1.01, the lower end of a longer-term sideways range.
Market Trade (at time of writing):
Buy USD 10K at current level, SL 1.0285, TP 1.0455.
GBP-USD @ 1.5488/91...Breaking on the downside?
R: 1.5630-35 / 1.5685 / 1.5710
S: 1.5505 / 1.5483 / 1.5465-50 / 1.5408
The Pound has broken below the 1.55-57 range it had been trapped inside through the week. In fact, it is now trading below the 200-day MA, which comes in at 1.5483. A Week Close below 1.5483 would be very bearish for the medium term. Target on the downside could be as low as 1.52, if not 1.51.
AUD-USD @ 0.8865/66...Holding Short
R: 0.8925-35 / 0.8953 / 0.8980-90
The Aussie has fallen further today, with a low near 0.8837 so far. There is Support in the 0.8831-12 region now, being the projected Max Low on the Weekly, 3-day and Daily charts. The overall picture is very bearish now. In case the 0.8831-12 Support also breaks, we would look for a fall towards 0.87 next week. Resistance is now seen in the 0.8925-55 region.
AUD 10K Short at 0.9050, TSL 0.8945 (down from 0.8965), TP Open
Limit Sell Order:
Sell AUD 10K at 0.8915, SL 0.8955, TP 0.8835
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