Wednesday September 15, 2010 - 12:30:39 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 15-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 1.0022/25...Wait and watch
R: 1.0150-75 / 1.0245-60 / 1.0291-300
S: 1.0012-00 / 0.9980-75 / 0.9916
Uncertainty prevails in the short-term. Dollar-Swiss touched a low of 0.9932 in the US session yesterday and has been trading in a small range of 1.0000-50 in the Asian and the European session today. While below 1.0050 the chances of a dip towards 0.9900-850 can not be ruled out. However, in the longer term we are bullish on the pair with good chances of an upmove towards 1.0500-0600 in the coming weeks/months.
For trading purposes, we would want to approach the markets from the long side at lower levels or at a confirmed upmove from 1.0050. In either case, we will want to wait and watch in order to understand what will be good levels to enter the markets.
GBP-USD @ 1.5531/34...Resistance at 1.56
R: 1.5600 / 1.5635-50
S: 1.5400-380 / 1.5353 / 1.5320-00
Cable moved up in the European session today and is currently trading near the days high of 1.5569. The pair may see good Resistance near 1.55580-600 followed by a dip towards 1.5500-450 in the coming sessions over today and tomorrow. Please note that there are some important Resistances on the Weekly, Daily, 8-hourly and 4-hourly charts which may not be broken easily. For trading purposes, we will want to approach the markets from the short-side near 1.5600 levels in the near term.
However, in the long-term, we are bullish on the pair with high chances of it moving towards 1.58-59 in the coming weeks, while above 1.53-54.
Limit Sell Order:
Sell GBP 10K at 1.5590, SL 1.5650, TP Open
AUD-USD 0.9356/59...Buy Dips..short-term
R: 0.9405 / 0.9451 / 0.9518
S: 0.9290-70 / 0.9240-30 / 0.9180-60
The markets moved up after touching a low of 0.9342 in the European session today, missing our long by 2 pips. We still continue to hold our morning view on the pair with slight modifications, the same is mentioned below.
Aussie may rise towards 0.9450-550 in a few days, which may be good levels to go short for an eventual dip below 0.9350 in the coming weeks.
In the US session today, the pair has 50-50 chances of testing the Support at 0.9330-15, however, there are good chances that the pair will move up towards 0.9400-50 over today and tomorrow. The suggested max-low for the day is 0.9331. We may consider buying on dips for short-term trading purposes.
Please note that 0.9323-40 is a Resistance on the Weekly and Monthly charts we see good chances of the pair testing these levels in the next few days followed by an eventual close below these levels on a monthly basis.
Limit Buy Order:
Buy AUD 10K Long at 0.9340, SL 0.9250, TP Open
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