Friday December 10, 2010 - 12:30:21 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 10-Dec--2010 - 1228 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 @ 0.9810/13...Support at 0.9800-790
R: 0.9850 / 0.9934 / 1.0000
S: 0.9800-790 / 0.9750-30 / 0.9635
Dollar-Swiss has been slowly falling since the Asian session today. The pair is now near an important Support near 0.9790-800, which if broken, may pull it down towards 0.9750-30 in the coming sessions pver today and tomorrow. However, if 0.98 holds, the markets may see some recovery towards 0.99. The suggested max low for the day is 0.9734.
GBP-USD @ 1.5837/40...Ranged
S: 1.5750/1.5725 / 1.5695-82
Contrary to our expectation cable is showing more resilience than Euro. Cable is expected to find resistance around 1.5860. However, a follow through above 1.5860 can be quite bullish for cable and can open 1.5960-1.60 targets. Support is expected around 1.5750 and 1.5720. Cable needs to fall below 1.57 for the bias to flip to bearish.
AUD-USD @ 0.9886/89...May see 0.9950 while above 0.9860
R: 0.9940 / 0.9980 / 1.00-25
S: 0.9860-40 / 0.9810-790 / 0.9750
Aussie has continued to move up slowly since the US session yesterday. In the European session today, the pair has moved above the 200-MA Resistance in the 4-hr charts (0.9861) and may now go to 0.9950-1.00, while above 0.9870-50 in the coming sessions over today and monday. The suggesed max high for the day is 0.9979.
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