Thursday October 14, 2010 - 12:35:41 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 14-Oct-2010 - 1233 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 @ 0.9497...Sell rallies
R: 0.9580-9600 / 0.9650 / 0.9700-10
S: 0.9475 / 0.9400 / 0.9350
Dollar-Swiss tested the Support at 0.9475 and has bounced back slightly from the low of 0.9462. The overall bearish sentiment is intact. However, if this Support at 0.9475 continues to hold, we might see some corrective rally towards 0.9600-50 in the coming sessions. Any such rally, if seen can be considered for taking Short positions. On the downside, a strong break below the Support at 0.9475 might trigger further downmove towards 0.9250-00.
Sell USD 10K at 0.9580, SL 0.9720, TP Open
Sell USD 10K at 0.9665, SL 0.9725, TP Open
GBP-USD @ 1.6035... Bullish
S: 1.6010-20 / 1.5950
Dollar bashing is gaining momentum with Cable trading above its key resistance at 1.6020. However, US Dollar Index is now in the key support zone of 76-76.50. Our intraday bias is bullish and we would be buyers of decline towards 1.5930-50 for an overall target of 1.6160 in the coming sessions. Over the Longer term as long as cable can hold above 1.5750, it is expected to target 1.6388.
Limit Buy order:
Buy 10K GBP @ 1.5950, SL 1.5880, TP open. As soon as the market trades 1.61, after entry, move the SL to cost.
AUD-USD @ 0.9968/70...Holding onto Long
R: 0.9993 / 1.0029 / 1.0080
S: 0.9901 / 0.9885-62 / 0.9837
The Resistance at 0.9993 held through the day and produced a dip to an intra-day low of 0.9931. The Aussie has bounced back up a bit from there. Our Limit Buy Order at 0.9920 has been missed. From here, we might either see some sideways consolidation between 0.9995 on the upside and 0.9905 on the downside through the rest of the day today, which might be followed by an eventual rise past 1.0000.
The other possibility is a straight rise past 0.9995 today itself, which looks a little less probable. On the downside, a break below 0.9900 might mean that a top is temporarily in place.
AUD 10K Long at 0.9780, TSL 0.9890 (up from 0.9880), TP 1.0080.
Limit Buy Order:
Buy AUD 10K at 0.9920, SL 0.9860, TP 1.0080
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