Wednesday December 8, 2010 - 12:43:01 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 08-Dec--2010 - 1240 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 @ 0.9874/77.. ranged
R: 0.9950 / 1.0000/1.0060-70
S: 0.9850/0.9750-40 / 0.9700
Our view remains unchanged as morning:
"Dollar-swiss having bounced from trend support is now approaching resistance between 0.9930-50. We expect the resistance to hold for the day and a ranged trading unfold between 0.9930-0.9850. Overall trend remains rangebound as long as 0.97 handle holds on a closing basis. We are not initiating any fresh shorts at this moment."
GBP-USD @ 1.5798/5801...Support at 1.5650 held
R: 1.5800-20 / 1.5870 / 1.5970-6000
S: 1.5700-5680 / 1.5650 / 1.5600
Cable has bounced back sharply from the low of 1.5668 thereby honouring the Support at 1.5650 which we had mentioned in our Morning comments. Immediate Resistance is seen in 1.5800-20 region. However, as the pair has bounced very well from near the Support at 1.5650 we see greater chances of rise past 1.5800-20 Resistance region in the coming session which might take it further up towards 1.5950-6000. Any sharp downmove is not looking likely as of now and we expect the Support at 1.5650 to hold incase a sharp dip is seen from current levels.
AUD-USD @ 0.9813/16...Watch Support at 0.9740. Might bounce back once again
R: 0.9845 / 0.9950 / 1.0000
S: 0.9740 / 0.9700 / 0.9650
Aussie fell during the day as expected and has bounced back slightly from the low of 0.9767. Though the pair is continuing to trade lower over the last three days, it is not showing much strength on it current downmove. 0.9740 will be the immediate significant Support level to watch for which we expect to hold in the US session today incase a fall is seen once again and might see a bounce back once again towards 1.000 in the coming days.
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