Friday June 15, 2012 - 12:37:19 GMT
FX Thoughts for the Day - www.fxthoughts.com
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FX Thoughts for the day : 15-Jun-2012 - 1229 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 @ 0.9526/29...Support in 0.9500-490 region holding well.
R: 0.9570-600 / 0.9650
S: 0.9500-490 / 0.9450
The Support in 0.9500-490 region is holding very well and the Dollar-Swiss is bouncing back from its low of 0.9496. As we had mentioned earlier, the corrective fall from the high of 0.9770 (01-Jun-12) could now be coming to an end. We can see a rise to 0.9570-600 in the US session today and a strong break above 0.9600 will open doors for further rise to 0.9650-700 levels. Also the bigger picture is much bullish for a test of 1.0000. Remember, 0.9450 is a strong Support seen below 0.9490 a break below which is not very easy.
Holding:
USD 10K Long at 0.9505, SL 0.9485 (up from 0.9435), TP 0.9680
As soon as the market trades 0.9550 trail SL to 0.9515 and as soon as the market trades 0.9565 there after bring TSL to 0.9535
Limit Buy Order:
Buy USD 10K at 0.9460, SL 0.9410, TP 0.9950
GBP-USD @ 1.5534/37...Retaining its 1.5450-5600 sideways range
R: 1.5550 / 1.5600 / 1.5650
S: 1.5450 / 1.5400
Cable fell to a low of 1.5476 and has risen back very well from there. The overall 1.5450-5600 sideways range remains intact and our view remains the same. With lack of downside momentum seen for some time, we expect a break above 1.5600 which can take it up to the next important Resistance at 1.5650. Only a break above 1.5650 will reduce any chances of further fall and can bring in further upside strength, We will have wait and see.
AUD-USD @ 1.0040/43...Can test 1.0070-100
R: 1.0070-100
S: 1.0000-9980
Aussie is continuing to trade above parity and saw further rise during the day as expected. A high of 1.0054 has been seen so far. While above parity, a test of 1.0070-100 is possible in the coming sessions. An immediate break above 1.0100 might not happen and a pull back can be seen from 1.0070-100. On the downside good Support is seen in 1.0000-9980 region which can hold well and keep the Aussie well above parity today. However, if a break below 0.9980 is seen, then Aussie can come down to 0.9950-20.
We booked a profit of 12 pips from the Long position entered at 1.0023.
Happy Trading!
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