Friday September 17, 2010 - 12:27:47 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 17-Sep-2010 - 1226 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 @ 1.0110/13...Long term bullish, buy dips
R: 1.0180-0200 / 1.0240 / 1.0300
S: 1.0100 / 1.0050 / 1.0010
Dollar-Swiss has come off from the high of 1.0183. The 21-DMA (currently at 1.0179) is holding as of now. However, we continue to hold our long term bullish view on the pair with strong Support at 1.0050. Resistance is seen in 1.0180-0200 region and a strong break above it might take the pair further up towards 1.0300-50 in the coming days.
As mentioned in our Monring comments, while the market remains above 1.0050 now, the strategy should be to buy on dips. And to add to the Long on an eventual rise past 1.0210-25.
Limit Buy Order:
Buy USD 10K at 1.0073, SL 0.9983, TP Open
Buy USD 10K at 0.9993, SL 0.9903, TP Open
GBP-USD @ 1.5642/45...Support in broad 1.5600 region
R: 1.5700-20 / 1.5800 / 1.5900
S: 1.5600 / 1.5550 / 1.5500
The Resistance at 1.5720 mentioned earlier held very well during the day and Cable has come off from the high of 1.5729 and we got stopped out of our Longs entered at 1.5708 and 1.5695. The overall outlook is bullish with Strong Support at 1.5600 region which is expected to hold in the US session today. We might expect a bounce back from this Support region towards 1.5800 or even higher in the coming sessions/days.
GBP 10K Long at 1.5637, SL 1.5550, TP 1.5800
AUD-USD @ 0.9413/16..Might test Support at 0.9360
R: 0.9430-50 / 0.9500
S: 0.9410-00 / 0.9360 / 0.9320-00
Aussie has come off sharply from the high of 0.9469. A further downmove towards 0.9360 which is the next significant Support level is looking likely. A break below 0.9360 might pull it further down towards 0.9320-00. This 0.9320-00 is a very Strong Resistance-turned-Support region seen on the downside and break below it is not looking likely. We might see a bounce back once again from the 0.9320-00 Support region. Since we expect further downmove we would want to exit the Long entered at 0.9410 and would remove the other Limit Buy order at 0.9370 as we would want to wait and watch the market.
AUD 10K Long at 0.9410, SL 0.9340, TP 0.9500
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."