Tuesday October 12, 2010 - 12:51:03 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 12-Oct-2010 - 1249 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 @ 0.9603/05...Ranged near term. Downtrend longer term
R: 0.9645-50/ 0.9700-20 / 0.9750
S: 0.9610-0.9594 / 0.9555-49
Rally in the pair proved short-lived as 0.9722 got sold into for a sharp decline towards 0.96 handle. Dollar Swiss seem to have carved a range of 0.96-0.97, only break below 0.9590 would indicate that the downtrend has resumed and target for 0.9540-50 is open. A close above 0.9750 can change the short-term bearish sentiment.
Limit SELL Order:
Sell USD 10K at 0.9720, SL 0.9780, TP 0.9620
GBP-USD @ 1.5836/38...Ranged with bullish bias
R: 1.5940-60 / 1.6000 / 1.6070
S: 1.5820-00 / 1.5750 / 1.5700
Cable has retraced under pressure from broad based dollar buying. However, it has fared better than Euro. Having retraced till the support of 1.5820-5800, it has triggered us into longs in the market. We expect a rebound towards 1.5970-1.60 to unfold in the coming sessions. UK House price data from Royal Institution of Chartered Surveyor showed decline UK house prices to a 16-month low. Housing continues to be soft point in the economy as previous credit excesses work it out.
GBP 10K Long at 1.5820, SL at 1.5690, TP 1.5970
Limit Buy Order:
Buy GBP 10K at 1.5750, SL 1.5680, TP Open
AUD-USD @ 0.9821/23....Holding Long
R: 0.9862 / 0.9882-97
S: 0.9815 / 0.9795 / 0.9765
The Aussie has moved up well, honouring the Support at 0.9770-60 mentioned in the morning. The Support to watch now is 0.9815 and 0.9795 and the Resistance to watch is 0.9862, the projected Max High for the Day. If the Support holds and the Resistance breaks, we could be headed up towards 0.99 and possibly Parity as well.
In case of a break below 0.9795, look for a fall towards 0.9750, which may/ may not hold.
AUD 10K Long at 0.9780, TSL 0.9790 (up from 0.9760), TP 1.0080.
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."