Thursday September 2, 2010 - 12:23:41 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 02-Sep-2010 - 1221 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 1.0106/09...May fall
R: 1.0200 / 1.0245-60 / 1.0291-300
S: 1.0129-00 / 1.0050 / 1.00
Dollar-Swiss has not been able to sustain a strong rally and has moved down after better than expected Swiss GDP numbers followed by good retail sales data, today. In the coming days we expect the pair to test the strong and important Support at 1.0050, which is present across the monthly, weekly, 3-day and the daily time frames. We would want to stay out of the markets and would want to approach it from the long side on dip below 1.0075.
Limit Buy Order:
Buy USD 10K at 1.0065, SL 0.9975, TP Open
Buy USD 10K at 1.0045, SL 0.9975, TP Open
Buy USD 10K at 1.0015, SL 0.9975, TP Open
GBP-USD @ 1.5389/92...Buy dips
R: 1.5463 / 1.5500 / 1.5590-600
S: 1.5348 / 1.5320-00
Cable has moved below the 200 DMA and is just above the 55 DMA at 1.5381. In the coming sessions today, we see goos chances of the pair retaining the range of 1.5350-550 before a break on the upside is seen. We would prefer buyin at levels near 1.5350 with stops below 1.5300, for an eventual rise towards 1.5450-500 over today and tomorrow.
AUD-USD 0.9091/94...May see some upmove
R: 0.9113-30 / 0.9239
S: 0.9000-20 / 0.8900-890 / 0.8860-50
"We continue to hold our morning view on the pair today."
Aussie moved up strongly in the US session yesterday but is currently trading below 0.9100. While above 0.9000-20 we see good chances of the pair moving towards 0.9150-200 before another dip on the pair in the next week.
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