Wednesday October 20, 2010 - 11:55:48 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 20-Oct-2010 - 1155 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 @ 0.9646/49...Buy dips
R: 0.9720 / 0.9792-800 / 0.9850
S: 0.9600 / 0.9520-00 / 0.9467-50
As expected, Dollar-Swiss moved down in the European session today and is currently trading in the Support region of 0.9650-25. In the coming sessions today, we may not see a steep fall from these levels and we may want to go long at levels below 0.9530 for an eventual rise on the pair towards 0.97-98 later in the week. The suggested max low for the day is 0.9603.
Limit Buy Order:
Buy USD 10K at 0.9625, SL 0.9535, TP Open
GBP-USD @ 1.5736/39... Wait and watch
R: 1.5800 / 1.5900 / 1.5967
S: 1.5675 / 1.5635 / 1.5550
The pair has not moved much since morning and we continue to hold our morning view on the pair today.
Cable dipped further to touch a low of 0.5650 later in the US session yesterday. We are not very certain on the expected movement of the pair in the coming sessions today. There are chances that the pair may rise towards 1.58 followed by another fall towards 1.5635 later in the week. Please note that 1.5635 is a strong Support on the pair and may not be broken easily. We will want to wait and watch the market movement before entering the markets.
AUD/USD @ 0.9777/80...Holding Short
R: 0.9850 / 0.9910-30 / 1.00
S: 0.9725-10 / 0.9670-50 / 0.9575
As expected, Aussie moved up in the European session today to touch a high of 0.9789. In the coming sessions over today and tomorrow, the markets may not be able to move strongly above the Resistance at 0.9770-800. For trading purposes, one may consider selling near 0.9775 for an eventual dip below 0.9700 on the pair over today and tomorrow. The suggested max high for the day is 0.9770.
In the coming days /weeks, the pair may fall towards 0.95-94 while below 0.9850.
AUD 10K Short at 0.9775, SL 0.9865, TP Open
As soon as the market trades 0.9725 move the Stop Loss to cost.
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