Thursday October 28, 2010 - 12:37:15 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 28-Oct-2010 - 1235 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 @ 0.9854/57... Ranged
S: 0.98/ 0.9740-0.9755.
Dollar-Swiss has sold-off from resistance zone of 0.9920-30 and is now quoting 0.9963. We expect a range to develop between 0.98-0.99 before the next leg-up gets underway. Trend remains remains bullish and a fall below 0.97 is required for the trend to turn bearish.
GBP-USD @ 1.5915/19... Testing resistance.
S: 1.5750/ 1.5720.
Nationwide House price Index was below estimates but the retails sales survery has been in line with estimates. Cable has seen another rise towards 1.59 and is now trading at 1.5880. We booked our first long entered at 1.5805 in cable and moved the stop on the second long to 1.5813 (at cost).
We expect some to and fro moves before a meaningful rally gets underway in GBP-USD. Support is offered around 1.5750-60 and resistance around 1.5880-1.59. A break above 1.59 will be positive for momentum. However, a break below 1.5720, yesterday's low, will turn the trend bearish.
Long GBP 10K at 1.5813 SL 1.5813, raised from , TP Open.
Move SL to 1.5855 from 1.5813, once price touches 1.5955.
AUD-USD @ 0.9792/95...Trading near Resistance
R: 0.9810 / 0.9850-70 / 0.9930
S: 0.9700 / 0.9664 / 0.9600
Aussie has risen during the day and has eased further the threar of the Double-Top pattern. It is now trading just near ts Resistance at 0.9800. A strong break above 0.9800 might see further rise towards 0.9850 in the US session today. On the downside the 8-Week-MA (currently at 0.9664) is a very important Support level to watch for which is expected to hold. A dip towards the 8-Week-MA can be considered for taking long positions. However, we need to be very cautious as a strong break below 0.9650 would confirm the Double-Top on the daily chart.
Limit Buy Order:
Buy AUD 10K at 0.9660, SL 0.9570, TP Open
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