Tuesday October 26, 2010 - 12:32:34 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 26-Oct-2010 - 1230 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 @ 0.9745/48... Expected to head towards 0.99.
A soft reading on consumption indicator has helped the Swiss bears to push the Dollar-Swiss
towards 0.9750. We believe Dollar-Swiss could benefit from a bullish undertone for dollar
tonight and test its trend line resistance around 0.9770. We favour a break of trend line and
the pair subsequently heading into its strong supply zone of 0.9910-20. Key support is at
Limit Buy Order:
USD 10 Long @ 0.9700, SL 0.9640 TP 0.9900.
GBP-USD @ 1.5851/54... Ranged.
R: 1.5880/ 1.6020.
S: 1.5780-90/ 1.5690.
Cable had started moving even before the GDP numbers were, released. A strong show on GDP.
pushed cable towards the upper end of its range of 1.5640-1.5880. A weak Euro and Aussie
might just be enough to trigger another dip in cable towards 1.5790-58. We would look to
buy that with a stop below 1.5730 and target a resolution in the range on the upside.
Limit Buy Order:
Buy GBP 10K @ 1.5805, SL 1.5725, TP open.
AUD-USD @ 0.9850/53...Might test Support in 0.9820-00 region
R: 0.9900 / 0.9970 / 1.0020-50
S: 0.9820-00 / 0.9750 / 0.9700
Aussie is trading below 0.9900. However it is not showing much stregth on its downmove below 0.9900. Support is seen in 0.9820-00 region which might be tested in the US session today. Note that the 21-DMA Support is currently at 0.9798 which is a very important Support level to watch for on the downisde. We expect the 21-DMA Support to hold incase a sharp dip is seen in the US session today. On the upside strong Resistance is seen in 1.0020-50 region.
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