Friday October 1, 2010 - 12:31:05 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 01-Oct-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 @ 0.9781/84...Sell Rallies
R: 0.9850-75 / 0.9870-93 / 0.9950
S: 0.9732 / 0.9680 / 0.9635
Dollar Swiss has moved in a small range of 0.9825-775 in the European session today. The pair is trading below 0.9800 but we still hold our morning view with slight modifications.
Morning comments with modifications:
Dollar-Swiss moved up to touch a high of 0.9845 in the US session yesterday. In the coming sessions we may see the pair move up towards 0.9850-75 on a intra-day basis followed by a dip below 0.9750 over today and Monday. We may consider selling rallies above 0.9850.
GBP/USD @ 1.5834/37...Wait and watch
R: 1.508 / 1.5839 / 1.5900-20
S: 1.5675 / 1.5635 / 1.5550
Cable has again moved above the important mark of 1.5800. Please note that in the past 5 days, the pair has continuously tested the Resistance at 1.5800 and has closed below it. In the coming sessions today, we will need to wait and watch if it breaks or honours this Resistance. We will not want to trade the markets at current levels, and would want to get in next week after we see some clarity on the pair.
AUD/USD @ 0.9725/28...Wait and watch
R: 0.9720-30 / 0.97800 / 0.9820-40
S: 0.9610 / 0.9550 / 0.9500
Aussie touched a low 0.9650 in the European session today and is currently trading above 0.9700. The pair is near the higher end of the range (0.9600-730) but it will not be advisable to go short at these levels because we may see a breakout above 0.9700 in the coming session today. Therefore, it will be preferred to stay out of the markets and get in next week after we see whether the Resistance at 0.9700 has held or broken, which will give us more clarity on the expected movement.
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