Tuesday October 5, 2010 - 12:41:52 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 05-Oct-2010 - 1239 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 @ 0.9692/95...Mixed...Wait and watch
R: 0.9780-800 / 0.9850-75 / 0.9870-93
S: 0.9650 / 0.9620-00 / 0.9500
Dollar-Swiss dipped further in the European session today to touch a low of 0.9656, and has again come up to trade near 0.9700. In the coming sessions today, we are not very clear about the moevement on the pair. The pair may see a few sessions of sideways movement, followed by a dip towards Thursday or Friday. We would want to stay out of the markets till we get some clarity on the expected movement of the pair.
GBP/USD @ 1.5867/70...Ranged but strong...
R: 1.5920 / 1.6030/1.6150
S: 1.5850/1.5740 / 1.5660/1.5530
Cable has moved back towards the upper end of its range 1.5660-1.59 and sold off towards 1.5850. Our view remains unchanged.
After a steady up trend for over a month, cable is finding itself ranged between 1.5660-1.5900. With some correction in global equity markets and RBA surprising the market with no hike in key rates, a dollar carry has taken some breather for the moment. A move above 1.5930 can bring in the momentum back in the bull camp and open a target of 1.6030 and even 1.62. Only a move below 1.5660 can damage the immediate up trend and push the pair towards its previous breakout zone 1.5500-5530.
AUD/USD @ 0.9599/602...Holding Shorts
R: 0.9650 / 0.9700-15 / 0.9750-70
S: 0.9550 / 0.9500 / 0.9450
Aussie fell sharply this morning to touch a low of 0.9551, after the Bank of Australia unexpectedly kept rates unchanged today. We may see the pair move in a range of 0.9550-650, followed by some dip towards 0.9500-450, over today and tomorrow. Though, we see less chances of the pair moving down sharply. In the coming sessions today, we may see the pair fall further towards 0.9500-450 followed by some upmove towards 0.9600 towards the end of the week. The suggested max low for the week is 0.9472.
AUD 10K Short at 0.9572, SL 0.9662, TP Open
AUD 10K Short at 0.9600, SL 0.9665, TP Open
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