Tuesday September 21, 2010 - 12:20:29 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 21-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 1.0028/31...Buy dips
R: 1.0070-100 / 1.0150-75 / 1.0245-60
S: 1.0000-970 / 0.9942 / 0.9980-50
Dollar-Swiss honoured the Resistance at 1.0070-100 region and fell to touch a low of 1.0016 in the European session today. In the coming sessions today, the pair has 50-50 chances of a fall below 1.00 region where we would recommend buying for an eventual rise towards 1.0150-200 in the coming days. For trading purposes we would not want to enter the market immediately and would only want to get in at safer levels ie at dips below 1.00.
Limit Buy Order:
Buy USD 10K at 1.0000, SL 0.9910, TP Open
Buy USD 10K at 0.9975, SL 0.9910, TP Open
GBP-USD @ 1.5522/25...May fall
R: 1.5600 / 1.5635-50 / 1.5745
S: 1.5500 / 1.5450 / 1.5353
As expected, Cable moved down to touch a low of 1.5503 in the Asian and the European session today. The pair may further fall towards 1.5450 in the coming sessions today. However, we will need to wait and watch whether we would want to enter the markets (either from the short side or from the long side) near 1.5450.
AUD-USD 0.9469/72...May fall
R: 0.9500 / 0.9541-60 / 0.9604
S: 0.9400-387 / 0.9300-280 / 0.9240-30
We continue to hold our morning view on the pair today.
Aussie touched a high of 0.9494 in the US session yesterday and is currently trading near 0.9450. We may see some fall on he pair towards 0.9400 in the coming sessions today followed by another rise towards 0.9500 in a couple of days. The suggested max low for the day is 0.9387.
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