Tuesday September 14, 2010 - 12:32:30 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 14-Sep-2010 - 1230 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 1.0048/51...Support at 1.0020-0.9980
R: 1.0150-75 / 1.0245-60 / 1.0291-300
S: 1.0012-00 / 0.9980-75 / 0.9916
"We continue to hold our morning view on the pair today."
Dollar-Swiss has continued its fall in the US session yesterday and Asian session today. The pair is currently trading below the Resistance level of 1.0050 but we do not see much downside on the pair now. The pair may move in a small range of 1.0025-0.9980 in the coming sessions today, followed by an upmove today or tomorrow. However, a strong close below 1.0050 today may pull the pair towards 0.9910-00 tomorrow, though the chances of this fall are very less.
USD 10K Long at 1.0060, SL 0.9980, TP Open
USD 10K Long at 1.0037, SL 0.9975, TP Open
GBP-USD @ 1.5406/09...Ranged...Buy dips
R: 1.5480-500 / 1.5600
S: 1.5400-380 / 1.5353 / 1.5320-00
Cable dipped to touch a low of 1.5348, followed by an upmove in the European session today. The markets are trading near the 1.54 figure and we continue to hold our morning view on the pair which is mentioned below.
Cable has been moving in a small range of 1.5380-500 since the Asian session yesterday. The pair has been unable to break below the Support region of 1.5400-380 and we need to wait and watch if this Support is honoured or broken in the coming sessions today. A break below 1.5380 will see the pair retain the broad range of 1.5300-500 which has been holding for about 2 weeks now, however, a failure to break below 1.5380 may bring it towards 1.5500 in the US session today. For trading purposes, we will want to go long at safer levels near 1.5300 and would want to stay out at these levels."
Limit Buy Order:
Buy GBP 10K at 1.5300, SL 1.5230, TP Open
Buy GBP 10K at 1.5270, SL 1.5210, TP Open
R: 0.9325-40 / 0.9405
S: 0.9290-70 / 0.9240-30 / 0.9180-60
Aussie has been moving in a small range of 0.9315-45 since the Asian session today. The pair touched a high of 0.9362 in the US session yesterday and is currently trading in the Resistance region of 0.9325-40. Please note that 0.9323-40 is a Resistance on the Daily, Weekly and Monthly charts and a strong break above this looks difficult. However, we may see the pair move sideways in the region of 0.9300-400 or even 450, followed by a dip, honouring the Resistance on the Weekly and the Monthly charts. In the coming sessions today, we see 50:50 chances of the pair coming below 0.93 figure.
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