Thursday September 9, 2010 - 12:25:19 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 09-Sep-2010 - 1223 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF 1.0112/15...Holding Long, add on dips
R: 1.0200 / 1.0245-60 / 1.0291-300
S: 1.0050 / 1.0012-00
"We continue to hold our morning view on the pair today."
Dollar-Swiss has been trading in a narrow range of 1.0060-150 from the past few days and we may see the pair move down to test the strong and important Support at 1.0050 in the coming sessions over today and tomorrow before an upmove towards 1.0250-300 in the next few 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.
For trading, we will want to hold on to our longs entered below 1.0100 and would add on dips to 1.0050, for an eventual rise on the pair in the coming days.
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 @ 1.5398/401...Buy dips
R: 5480-500 / 1.5600
S: 1.5415-385 / 1.5353 / 1.5320-00
Cable dipped to touch a low of 1.5376 in the European session today. The pair may see some more downmove towards the strong Support region of 1.5350-300 in the coming sessions over today and tomorrow followed by an upmove towards 1.5450-500 over Friday and Monday. For trading purposes we will want to enter longs on dips below 1.5350 and would want to add to position till 1.5300-290, for a rise towards 1.5450-500 next week.
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.
AUD-USD 0.9251/54...Resistance at 0.9240-50
R: 0.9240-50 / 0.9330
S: 0.9125-00 / 0.9000-20 / 0.8900-890
Aussie touched a high of 0.9262 in the European session today, 3 pips less than our stop-loss at 0.9265. The pair is currently trading just above the Resistance region of 0.9240-50, which is expected to be tested followed by a dip towards 0.9150-00 in the coming sessions over today and tomorrow. We see less chances of a strong break above 0.9250 on the pair in a couple of days. The suggested max high for the day is 0.9263.
AUD 10K Short at 0.9175, SL 0.9265, TP Open
AUD 10K Short at 0.9220, SL 0.9265, TP Open
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