Thursday October 21, 2010 - 12:20:02 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 21-Oct-2010 - 1218 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 @ 0.9627/30...May fall on a break below 0.9600
R: 0.9685-700 / 0.9730 / 0.9792-800
S: 0.9600 / 0.9567 / 0.9520-00
Dollar-Swiss has again not been able to break above the 21-DMA Resistance and is trading below 0.9625. We may now see the pair move down towards 0.9550 on a break below 0.9600 in the US session today. Please note that overall we expect the pair to move in a range of 0.9550-700 over today and tomorrow.
The suggested max high and max low for the day are 0.9728 and 0.9567 respectively.
GBP-USD @ 1.5754/57... Important Support near 1.5735-20 region
R: 1.5850 / 1.5937 / 1.5967
S: 1.5735-20 / 1.5635 / 1.5550
We continue to hold our morning view on the pair today.
Cable touched a high of 1.5878 in the US session yesterday and is currently trading below 1.58. A weekly close below 1.5720 may be bearish for the pair and may see a break below the important Support of 1.5635 next week. The pair has 200-MA Support on the 4-hourly charts and trendline Support on the weekly charts near the 0.1.5720-35 region which needs to be watched carefully over today and tomorrow. We do not have much clarity on the movement presently and would want to stay out.
AUD/USD @ 0.9864/67...May see 0.9750-00 while below 0.9870... high volatility... stay out
R: 0.9870-80 / 0.9910-30 / 1.00
S: 0.9800 / 0.9760 / 0.9710-00
Aussie has moved uo further since morning and is trading near te important Resistance region og 0.9870-80. We need to wait and watch the markets in the US session today. A break above 0.9870-80 may resume the uptrend for the pair, whereas, a failure to break strongly above 0.9870 may see the pair move in a range of 0.94-0.98 in the coming weeks. We stay out before we see some more clarity on the movement.
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