Monday October 25, 2010 - 11:50:22 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 25-Oct-2010 - 1148 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 @ 0.9702/05...Bullish
R: 0.9783-800 / 0.9850 / 0.9950
S: 0.9670 / 0.96 / 0.9560-40
As expected, Dollar-Swiss touched a low of 0.9662 in the European session today, followed by movement in a small range of 0.9670-710. In the coming sessions we see chances of some upmove on the pair towards 0.9750-75, while above 0.9625. The suggested max low for the day is 0.9670.
USD 10K Long at 0.9670, SL 0.9560, TP Open
GBP-USD @ 1.5727/30... Can fade towards 1.5640-1.5660 support
S: 1.5730/ 1.5690/1.5640.
Cable got bids all the way upto 1.5772 by late Asian session and then faded towards 1.5720 once Europe got underway. Cable looks ranged between 1.5650-1.5880 and therefore we look to Euro for direction. As long as Euro trades below 1.41 another bout of dollar buying can occur and as a result it can push cable once again into the arms of its key support at1.5640-60. Hence, we would like to be on fence for today's US session.
AUD/USD @ 0.9949/52...Sell Rallies
R: 0.9980-1.00 / 1.0050 / 1.0090
S: 0.9900 / 0.9855 / 0.9760
Aussie has touched a high of 0.9972 in the European session today, followed by some sideways moevement in a range of 0.9970-25. There are some chances of an upmove on the pair towards 1.00 in the coming US session today, where we would want to add to our short. However, the chances of a surge beyond 1.00 looks less likely. For trading purposes, we would want to trail our stops on the current shorts on a dip below 0.99 for an eventual fall towards 0.9850-25 over today and tomorrow.
AUD 10K Short at 0.9950, SL 1.0040, TP Open
Limit Sell Order:
Sell AUD 10K at 1.0000, SL 1.0070, TP Open
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