Wednesday September 8, 2010 - 12:20:20 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 08-Sep-2010 - 1218 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 1.0108/11...Holding Long, add on dips
R: 1.0200 / 1.0245-60 / 1.0291-300
S: 1.0050 / 1.0012-00
Dollar-Swiss has been trading below 1.0100 in the European session today. The pair touched a low of 1.0060 (triggering our long at 1.0065) and is currently trading just above 1.0100. In the coming sessions, we see 50-50 chances of the pair testing the strong Support at 1.0050. In either case (whether markets test 1.0050 or not) we hold the view of an upmove on the pair going forward. For trading, we will want to hold on to our longs entered below 1.0100 and would want to add on dips, for an eventual rise on the pair in the coming days.
Please note that 1.0050 is a very strong Support on the Monthly and the Weekly charts and a strong break below it looks unlikely.
USD 10K Long at 1.0065, SL 0.9975, TP Open
Limit Buy Order:
Buy USD 10K at 1.0045, SL 0.9975, TP Open
Buy USD 10K at 1.0015, SL 0.9975, TP Open
GBP-USD @ 1.5446/49...Ranged, Holding Long
R: 5480-500 / 1.5600
S: 1.5372 / 1.5320-00 / 1.5250
Cable has broken above the Resistance at 1.5380-400 and is currently trading above 1.5450. A close above 1.5450 may be bullish for the markets in the coming days. In the coming sessions today, we see good chances of the pair moving in a range of 1.5350-500 before a strong break above 1.5500 in the coming days.
Overall we are bullish on the pair with high chances of it moving towards 1.58-59 while above 1.53 in the coming weeks/months.
GBP 10K Long at 1.5300, TSL 1.5400, TP 1.5500
Limit Buy Order:
Buy GBP 10K at 1.5350, SL 1.5260, TP Open
Buy GBP 10K at 1.5300, SL 1.5230, TP Open
AUD-USD 0.9174/77...Resistance at 0.9175-200
R: 0.9175-200 / 0.9250-65 / 0.9330
S: 0.9125-00 / 0.9000-20 / 0.8900-890
Aussie has been trading near the Resistance region of 0.9175-200 in the European session today and may not be able to break above it in the US session today. We are holding short on the pair at 0.9175 and we see good chances of the pair moving down towards 0.9100 in the coming sessions over today and tomorrow. Please note that 0.9125-00 may give some Support to the pair a berak below which may take it towards 0.9050 tomorrow.
Overall we may see the pair move in a narrow range of 0.9175-9025 in this week before a breakout on the lower side going forward.
AUD 10K Short @ 0.9175, SL 0.9265, TP Open
Limit Sell Order:
Sell AUD 10K @ 0.9255, SL 0.9265, TP Open
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