Monday November 22, 2010 - 12:03:52 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 22-Nov10-2010 - 1202 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 @ 0.9881/84...May fall towards 0.98
R: 0.9935-40 / 0.9990-1.0007 / 1.0100
S: 0.9825-00 / 0.9750 / 0.9635
As expected, Markets moved up to 0.9934, followed by a dip below 0.9900. We continue to hold our morning views on the pair with slight modifications.
In the coming sessions today, we may see the pair move down towards 0.9825-00. Though 0.9823 is the suggested max low for the day, we may still see some down move towards 0.9800 before the markets move up towards 0.99 again in a couple of days. For trading purposes, we may consider buying at levels near 0.98 for a rise on the pair going forward.
Limit Buy Order:
Buy USD 10K at 0.9800, SL 0.9710, TP Open
GBP-USD @ 1.6007/10...Might dip before further rise
R: 1.6050-60 / 1.6100 / 1.6180-6200
S: 1.5960-40 / 1.5900 / 1.5845
Cable has come off from the day's high of 1.6084 and is now trading just above 1.6000. The pair is not still gaining any upside momentum to see a strong break above 1.6100. As such, as mentioned in our Morning comments, we might see a dip towards 1.5900-5850 once again before the overall uptrend resumes. The broader outlook is still bullish and a dip towards 1.5900-5850 can be considered for taking long positions.
AUD-USD @ 0.9907/10...May touch parity
R: 0.9975-1.000 / 1.0030-50
S: 0.9900 / 0.9850-45 / 0.9750
As expected, Aussie has been trading above 0.99 figure and we continue to hold our morning view on the pair toda
Aussie has bounced back above 0.9900. Immediate Support is seen at 0.9900 and then significant Support is seen at 0.9850. A further rise towards 0.9975-1.000 might be seen in the coming sessions. A rise even towards 1.0030-50 is looking likely in the coming days. On the downside a break below 0.9850 might see a downmove once again towards 0.9750-00.
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