Wednesday November 10, 2010 - 12:24:59 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 10-Nov10-2010 - 1223 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 @ 0.9729/32...Buy dips
R: 0.9750-75 / 0.9825 / 0.9900
S: 0.9600-580 / 0.9550 / 0.9477
Dollar-Swiss has moved in a small range of 0.9690-725 in the European session today. The pair may now see some more upmove towards the Resistance region of 0.9750-75. Please note that we will consider going short only after a move above 0.9750-75. Else, we will wait for a dip towards 0.9600-580 where we may buy for an eventual rise towards 0.97 in the coming sessions tomorrow.
Limit Sell Order:
Buy USD 10K @ 0.9775, SL 0.9865, TP Open
Limit Buy Order:
Buy USD 10K @ 0.9600, SL 0.9510, TP Open
GBP-USD @ 1.6073/76...Bullish. 21-DMA (1.5947) Support holding.
R: 1.6105 / 1.6200 / 1.6250
S: 1.6000 / 1.5947 / 1.5820-00
Cable has bounced back once again above 1.6000 and is now trading just below 1.6100. The 21-DMA (currently at 1.5947). The overall bullish sentiment is intact and we might see a rise once agian towards 1.6200-250 in the coming sessions. On the downside the 21-DMA Support (1.5947) is expected to continue to hold. However, a break below the 21-DMA might increase the chances of further dip towards 1.5820-00. As of now a dip towards 1.5820-00 is not looking likely.
AUD-USD @ 1.0005/10...Wait and watch
R: 1.0100 / 1.0140 / 1.0225
S: 1.0000 / 0.9937 / 0.9850
Aussie has moved in a very small range since morning and we continue to hold our morning view on the pair today.
Aussie was unable to break above the upper range of 1.0175 and dipped to a low of 0.9998 yesterday. In the next few days, Aussie has multiple Supports in the region of 1.0000 and 0.9850, which may not be broken. In the coming sessions today, we may consider going long on a dip towards 0.9950 or going short on a rally beyond 1.0125. Though, we are unable to get a clarity as to which of the 2 levels will be hit first. The suggested max high for the day is 1.0142 and the suggested max low for the day is 0.9937.
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