Friday November 26, 2010 - 12:19:33 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 26-Nov10-2010 - 1218 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 @ 1.0018/22...May see 1.0070-80
R: 1.0047-55 / 1.0100
S: 0.9900 / 0.9850 / 0.9825-00 / 0.9750
Dollar-Swiss has moved above the significant Resistance level at 1.00 and has been trading in a small of 1.0040-1.0010 since morning. In the coming session we may see a high of 1.0060 on the pair and some dip from those levels. Today is Friday evening and we would now not want to take on fresh positions in the market today.
GBP-USD @ 1.5690/93...Watch today's closing
R: 1.5730 / 1.5780-5800 / 1.5830
S: 1.5650 / 1.5600
Cable fell breaking below its significant Support at 1.5700 during the day. While below 1.5700, a further dip towards 1.5650-00 is looking likely in the coming sessions. Today's closing will have to be watched for as it would play a very significant role in deciding the direction of move for the next week. As such we continue to stay away from the market and would wait for today's closing so as to get a clear picture.
AUD-USD @ 0.9635/38...May fall towards 0.9700 on a break below 0.9765
R: 0.97 / 0.9825-50 0.99
S: 0.9600-593 / 0.9525-14-00
Aussie broke below 0.97 figure and is currently trading just above 0.96 figure. We now expect the pair to move down towards 0.95-94 before the pair sees some significant recovery in the coming days. The daily and the weekly charts are indicating weakness on the markets in the coming sessions/ days/ weeks.
AUD 10K Short at 0.9714, TSL 0.9654 (up from 0.9804), TP 0.9525
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