Tuesday November 9, 2010 - 12:28:22 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 09-Nov10-2010 - 1225 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 @ 0.9613/16...Buy dips
R: 0.9605 / 0.9718 / 0.9825
S: 0.9582 / 0.9550 / 0.9477
Contrary to our expectations, Dollar-Swiss was unable to break above 0.9700 and fell in the Asian and the European session today. The pair is currently trading near the suggested max low for the day (0.9582) and may not see much downside in the coming sessions today. Additionally, there is a short-term trendline Support on the weekly charts which may be honoured. For trading purposes, we can consider buying on dips below 0.96 region, for an eventual rise on the pair in coming sessions over today and tomorrow.
GBP-USD @ 1.6170/73...May rise towards 1.6250
R: 1.6200 / 1.6250 / 1.6307
S: 1.6100 / 1.6000 / 1.5967
Cable found some Support just below the 1.61 figure and has rallied beyond 1.6150. In pair has broken above some short-term Resistances and may see some more upside towards 1.6200-50 before we see a dip below 1.61 over today and tomorrow. The suggested max high for the day is 1.6216. We recommend staying out of the market on the pair.
AUD-USD @ 1.0172/75...Sell Rallies
R: 1.0180 / 1.0225 / 1.0300
S: 1.0128-36 / 1.0036 / 1.0000
Aussie has not been able to break out of the range of 1.0075-175 in which it is trading since the past few sessions. The suggested max high for the day is 1.0202 and we may consider selling on a rise past 1.0175 for a dip on the pair over today and tomorrow.
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