Tuesday November 30, 2010 - 12:46:09 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 30-Nov10-2010 - 1244 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 @ 0.9981/84...Ranged
R: 1.0047-55 / 1.0116
S: 0.9950 / 0.9900
Dollar-Swiss has moved below 1.00 but is still trading above 0.9950. We see a downward trend for the pair and hence will not recommend buying, even though the pair is in the lower end of the range. We will prefer selling rallies and would request you to read our moring comments (below).
Dollar-Swiss has been trading in a tight range of 1.0050-0.9950 from the past few days. In the coming sessions over the next few days, we expect the pair to be ranged in the region of 0.9900-1.0100. For trading purposes, we may consider selling at levels near 1.0070. The suggested max high for the day is 1.0102
GBP-USD @ 1.5523/26...Resistance at 1.5650
R: 1.5575 / 1.5650 / 1.5710
S: 1.5485 / 1.5345
Cable has been ranged between 1.5500-75 since the US session yesterday. With no significant move on either side seen during the day, our view remains the same as mentioned in our Morning comments and it is given below.
The outlook is bearish and while below 1.5650 we might expect further dip towards 1.5350 in the coming sessions. Resistance is seen at 1.5650. With lack of upside momentum, we expect the Resistance at 1.5650 to hold incase a bounce back is seen from current levels. On the downside the 200-DMA (1.5345) is the next significant Support level seen and a dip towards this 200-DMA Support level is looking likely in the coming sessions/days.
AUD-USD @ 0.9584/87...Sell rallies
R: 0.97 / 0.9825-50 0.99
S: 0.9600-593 / 0.9525-14-00
Aussie has moved down without moving up in the European session today. We still continue to see a downside on the pair, though entering at these levels may not be advisable. We continue to hold our morning views on the pair today.
Aussie touched a low of 0.9566 in the US session yesterday, followed by some recovery above 0.96. Aussie is now trading well below the 55-DMA nd teh Trend Support on the daily charts. In the coming days, we see strong chances of the pair moving towards 0.95-94. We may consider selling on rallies near 0.97 for an eventual dip on the pair. The suggested max high for the day is 0.9728.
Limit Sell Order:
Sell AUD 10K at 0.9700, SL 0.9790, TP Open
Sell AUD 10K at 0.9760, SL 0.9810, TP Open
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