Thursday July 26, 2012 - 12:33:31 GMT
FX Thoughts for the Day - www.fxthoughts.com
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FX Thoughts for the day : 26-Jul-2012 - 1224 GMT
EURO, JAP YEN and EURO-YEN
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Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 0.9791/94... Bearish now, but can bounce
R: 0.9830 / 0.9865 / 0.9910 / 0.9950
S: 0.9760 / 0.9700
The pair tested its support of 0.9875 bounced to take resistance exactly at 0.9910 as mentioned and then fell below breaking its support of 0.9875 to slide down below 0.9800. ECB president mentioned that he would do anything to save the Euro which added to the weakness in USD/CHF and pushing up the Euro. At lower levels the pair has support at 0.9760 from where we can see a bounce to 0.9830 after which it can again move lower. The pair if breaks 0.9760 can go down to 0.9700 which can be a good level to go long. The chances of the pair going down to 0.9700 are more than chances of the pair bouncing from 0.9760.
GBP-USD @ 1.5662/65...Range Resistance coming up
R: 1.5685-700 / 1.5765
S: 1.5580 / 1.5540 / 1.5470
The pair was trading in a range in which it made a low of 1.5470 where it took support and after the ECB news came it broke out of 1.5470-5540 range on the upside. The pair now is approaching the upper end of the 1.5400-5750 range and we can expect the pair to take resistance at 1.5700-30 region, which would be a very good place to take a short position. Broadly as mentioned the pair is still in a broad range of 1.5400-5750 and we do not expect the pair to break the range as of now.
Limit Sell order
Sell 10K GBP at 1.5715, SL 1.5785, TP Open
AUD-USD @ 1.0401/04...Bullish. Buy dips
R: 1.0400-30 /
S: 1.0280/ 1.0195-200
Even AUD has moved up after the ECB news breaking its 1.0335 Resistance on the upside and now it stands at its trend line resistance at 1.0400. The pair, over all is in an uptrend and we can expect the pair to continue its uptrend if it is able to cross this trend line resistance at 1.0400-35. The momentum is strong and the pair can move up, may be after correcting or consolidating a bit. On the down side the pair has good support at 1.0280 which we can expect it to hold and subsequently 1.0200-195 which is a 200 EMA support on the four hour chart. The over all mood is bullish and we are positive on the pair.
We have booked a profit of 62 pips on our long
Limit Buy
Buy AUD 10K 1.0350, SL 1.0280, TP 1.0485
Happy Trading!
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