Thursday November 4, 2010 - 12:12:59 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 04-Nov10-2010 - 1211 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 @ 0.9680/82.. Bearish
After falling to a low of 0.9650 pair has recovered towards 0.9680. Our overall view remains same as morning.
"Dollar-Swiss is now drfting lower. DOllar Swiss is expected to test support at 0.9650 and rallies will be capped around 0.9750-70. Overall trend remains bearish for a target of 0.95 handle."
GBP-USD @ 1.6145/46...All eyes on King
"Sell the buck and get me something else". is the noise in dealing rooms around the world. As expected cable has indeed chipped away its strong resistance at 1.6150 and made an intraday high of 1.6204. With BOE in sometime, better to stay out, as possibility of suprise is their. Uptrend should be intact as longa s cable is not trading below 1.6050. As long BOE does not suprise, we expect cable to head towards 1.63.
AUD-USD @ 1.0089/90.. Bullish
R: 1.0160/ 1.0200.
Aussie marches higher with the rest of the majors. An intra-day high of 1.0120 and now trading at 1.0089. We are looking at 1.0160-1.0200 to be tested in the coming sessions. Minor trend remians up as long Aussie can hold above 0.9940.
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