Thursday September 23, 2010 - 12:10:38 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 23-Sep-2010 - 1209 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 0.9853/56...Support at 0.9850
R: 0.9977-1.00 / 1.0069-90 / 1.0150-75
S: 0.9850-45 / 0.9761 / 0.9600
Dollar-Swiss has not moved much since the Asian session today and we continue to hold our morning view on the pair today.
As expected, Dollar-Swiss touched a low of 0.9838 in the US session yesterday and is currently trading above 0.9850. Please note that the pair has a multi-year trendline Support on the monthly chart near 0.9850 which may hold followed by some upmove in the coming days. However, a break below 0.9850 may pull the pair down towards 0.9500 in the coming weeks. In the coming sessions, while above 0.9850, ther are chances of seeing an immediate upmove above 1.00 over today and tomorrow. For trading purposes, we would like to hold on to longs entered near 0.9850 and would want to trail our stops at cost.
GBP-USD @ 1.5667/70...Wait and Watch
R: 1.5700-25 / 1.5800 / 1.5850-900
S: 1.5600 / 1.5500 / 1.5450
We continue to hold our morning view on the pair today.
Cable touched a low of 1.5620 in the US session yesterday and then moved up. The pair closed just above the important Resistance at 1.5635 yesterday but has not been able to break above it strongly in the past 5 days. Therefore, we would need to wait and watch the markets in the coming sessions today to get further clarity on the pair before we take in any fresh trades. A weekly close above 1.5635 may be very bullish for the pair and may take it towards 1.5900-50 in the next week.
AUD-USD 0.9488/91...Support at 0.9450
R: 0.9572-600 / 0.9675 / 0.9850
S: 0.9450 / 0.9400-387 / 0.9300-280
As expected, Aussie dipped below 0.9500 in the European session today and is currently trading near 0.9475. In the coming sessions over today and tomorrow, the pair may see some more dip towards 0.9450-00. Please note that the pair has a channel Support on the 4-hourly charts (0.9437) and the 21-MA Support on the 8-hourly charts (0.9444) which have held throughout September; these Supports may or may not hold this time. We will recommend staying out of the market till we see some clarity on the movement post 0.9450.
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