Monday December 6, 2010 - 12:27:23 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 06-Dec--2010 - 1227 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 @ 0.9842/45...Sell rallies
R: 0.9850 / 0.9950 / 1.0000
S: 0.9788 / 0.9700 / 0.9635
Dollar-Swiss tested the Support at 0.9725 and bounced back in the European session today. In the coming sessions over today and tomorrow. The pair is currently near a Resistance region and any see some dip towards 0.9825-00 before another surge towards 0.9900-50 in the comiing sessions over today and tomorrow. We maintain our view of a fall on the pair in the later part of the week and would want to sell at levels above 0.9900 for an eventual dip. The suggested max high for the day is 0.9838.
GBP-USD @ 1.5683/86...Support at 1.5600
R: 1.5700-20 / 1.5750 / 1.5800
S: 1.5650 / 1.5600 / 1.5530-00
Cable failed to sustain the break above 1.5700-20 Resistance region and has dipped once again below 1.5700. A further dip towards 1.5600 is looking likely in the coming sessions. Support is seen at 1.5600 and we expect it to hold in the US session today. However, a break below 1.5600 might pull it further down towards 1.5530-00.
AUD-USD @ 0.9867/70...Buy dips
R: 0.9950 / 1.00 / 1.0100
S: 0.9850 / 0.9750 / 0.97
Aussie rallied to touch a high of 0.9913 in the Asian and European session today, followed by a dip towards 0.9850. In the coming sessions over today and tomorrow, we see good chances of further dip on the pair towards 0.9750-00. The suggested max low for the day 0.9788. However, if the 200 MA Support (0.9861) holds, markets may see 0.9900 once again before falling. We prefer staying out of the markets.
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