Tuesday November 16, 2010 - 12:30:50 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 16-Nov10-2010 - 1229 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 @ 0.9844/47...Wait and watch
R: 0.9850-75 / 0.99 / 0.9946
S: 0.9800 / 0.9755 / 0.9697
Dollar-Swiss has not moved much since morning and we continue to hold our morning view on the pair with minor amendments.
Dollar-Swiss has been facing some good Resistance in the 0.9850-75 region, where the Trendline Resistance on the daily chart (connecting the high of 11-Aug and 01-Nov) is holding. Additionally, there is a 200-MA on the 8-hourly charts (0.9891) which may also act as Resistance for the pair.
However, the markets closed above the 55-DMA (0.9835) and are still trading above it today, which may take it towards 0.9900-50 over today and tomorrow. Therefore, we are immediately not very clear about the movement and would want to wait for some more clarity to enter the markets.
GBP-USD @ 1.5993/96...Support in the broad 1.5950-00 region
R: 1.6085-6100 / 1.6175 / 1.6280-6300
S: 1.5980 / 1.5930-00 / 1.4950
Cable has dropped further and is now trading below 1.6000. However, still not much downside momentum. While below 1.6000 there are good chances of further fall towards 1.5950-00 in the US session today. 1.5950-00 is a very significant Support region seen on the downside and a break below it is not looking likely. We continue to retain our broader bullish view on the pair and we expect a bounce back from 1.5950-00 Support region.
Limit Buy Order:
Buy GBP 10K at 1.5980, SL 1.5890, TP 1.6280
Buy GBP 10K at 1.5920, SL 1.5870, TP Open
AUD-USD @ 0.9791/94...The support breaks, may fall towards 0.9650
R: 0.9850-75 / 0.9950 / 1.0000
S: 0.9760 / 0.9725 / 0.9650
Aussie has broken below the multi-layered Support in the region of 0.9850-00 in the European session today. In the coming sessions over today and tomorrow, we have chances of seeing some more dip towards 0.9750 and further towards 0.9650 later in the week. We now see less chances of an immediate surge on the pair, though some upmove towards 0.9800 may be seen after the pair touches 0.9750.
AUD 10K Short at 0.9790, SL 0.9880, TP 0.9650
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