Friday February 17, 2012 - 12:07:03 GMT
FX Thoughts for the Day - www.fxthoughts.com
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FX Thoughts for the day : 17-Feb-2012 - 1204 GMT
EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 0.9189/92...Ranged
R: 0.9200-10 / 0.9250 / 0.9300
S: 0.9170 / 0.9120-00 / 0.9060
Dollar-Swiss remains ranged between its Resistance at 0.9210 on the upside and Support at 0.9170 on the downside. We will have to wait for a breakout on either side of this 0.9170-9210. Our view remains the same and while below 0.9210 the pair is expected to remain pressured on the downside and a test of 0.9120-00 is possible on a break below 0.9170
Holding:
USD 10K Short at 0.9250, TSL 0.9215 (down from 0.9230), TP 0.9065
As soon as the market trades 0.9170 bring TSL down to 0.9205 and as soon as the market trades 0.9155 there after bring TSL further down to 0.9185
GBP-USD @ 1.5834/37...Can revisit the 200-DMA Resistance
R: 1.5850 / 1.5900-20
S: 1.5800 / 1.5750
Cable is continuing to trade higher above 1.5800 and remains bullish. As we had mentioned in the morning, we expect a revisit of the 200-DMA Resistance (1.5913). With Supports at 1.5750, then in 1.5700-5680, there is no immediate threat on the downside. What happens to the 200-DMA Resistance will be key to be watched now and it will decide the further direction of move.
AUD-USD @ 1.0755/58...Ranged with bullish bias
R: 1.0780-800 / 1.0900
S: 1.0750 / 1.0700 / 1.0668
Aussie is trading silent in between 1.0750-0800. With no significant move seen on either side during the day, our view remains the same. Some Resistance is seen in 1.0770-800 region which needs to be broken now to wipe out the downside pressure. The broader picture is bullish and while the pair continues to trade above the 21-DMA (1.0668) Support, there is not immediate threat on the downside. 1.0900 can be targeted now on the upside.
Happy Trading!
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