Thursday December 2, 2010 - 13:06:38 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 02-Dec--2010 - 1300 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.0006/08...Holding Short
R: 1.0047-55 / 1.0116
S: 1.00 / 0.9950 / 0.9900
Dollar-Swiss has sold-off once again from its resistance zone around 1.0050 and is currently finding support at parity. Our overall view remains unchanged as morning.
"Dollar-Swiss touched a low of 0.9986 in the US session yesterday and is again trading near 1.0050. The pair has broadly traded in a tight range of 1.0000-1.0050 from the past 4 days and has not been able to break above the strong multi-layer Resistance region of 1.0050-1.0100. However, please note the the pair was bought immediately it went below 1.00 for the second time this week.
We would hold on to our view of a strong Resistance in the region of 1.0050-1.0100 and look for a dip below 0.9950 over today and tomorrow."
USD 10K Short at 1.0050, SL 1.0100, TP Open
As soon as the market trades 0.9950 bring TSL to 0.9970
GBP-USD @ 1.5591/94...Resistance at 1.5660 holding
R: 1.5660 / 1.5700-20 / 1.5750
S: 1.5550 / 1.5500 / 1.5455
The Resistance at 1.5660 mentioned in our Morning comments has held very well and Cable has come off from the high of 1.5667. As mentioned earlier, 1.5700-20 will be a very crucial Resistance region to watch for on the upside. Whether this Resistance region holds or breaks will give the direction of move going forward. A strong break above 1.5720 might increase the chances of further upmove towards 1.5900. However, failure to rise past 1.5700-20 would mean the start of a fresh downmove, which might pull it down towards 1.5350.
AUD-USD @ 0.9676/80...Might test 0.9730-60 Resistance region
R: 0.9700 / 0.9730-60 / 0.9830
S: 0.9650 / 0.9600 / 0.9545
Aussie is continuing to trade above 0.9600. Strong Resistance is seen in 0.9730-60 region which might be tested in the coming sessions. We expect this 0.9730-60 region to hold and might see a pull back once again towards 0.9550-00 in the coming sessions. As such a rally to 0.9730-60 can be considered for taking Short positions.
Limit Sell Order:
Sell AUD 10K at 0.9745, SL 0.9835, TP 0.9560
As soon as the market trades 0.9660 after entry, bring SL down to 0.9760 and as soon as the market trades 0.9630 there after trail SL to 0.9720
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