Tuesday August 31, 2010 - 12:11:10 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 31-Aug-2010 - 1209 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 1.0192/95...Bearish to 1.0150-100
R: 1.0245-60 / 1.0291-300 / 1.0350
S: 1.0200 / 1.0129-00
Dollar-Swiss tested the Support at 1.0200 and is currently trading higher. We see good chances of the pair honouring the Support (at 1.0200), followed by some rise towards 1.0250-300 in the coming sessions over today and tomorrow where we may consider selling.
Overall, we continue our bearish stance on the pair with high chances of a fall towards 1.0100-0050 in this week.
GBP-USD @ 1.5379/82...May fall
R: 1.5590-600 / 1.5639 / 1.5700
S: 1.5348 / 1.5320-00
Cable has come down further in the European session today and is currently trading below the 200 DMA (1.5440). While below 1.5450, the pair may move towards 1.5300-20 in a couple of days to test some very strong Supports between 1.5320 to 1.5300, followed by an upmove later in the week.
Going forward, we have a view of the pair moving up strongly towards 1.57-58 in the coming weeks.
AUD-USD 0.8876/79...May fall
R: 0.9000 / 0.9067-87 / 0.9239
S: 0.8900-890 / 0.8860-50 / 0.8777
Aussie has broken below the Support at 0.8900 and may come down towards 0.8800 in the US session today. Today being the last day of the month, we need to and watch if the pair honours or breaks the Support at 0.8800 which will decide the way forward. A strong break below 0.8800 may pull the stock down towards 0.8500-50 in the coming weeks. However, a recovery from 0.8800 may see it go up towards 0.9000-100 in the next few weeks.
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