Wednesday August 8, 2012 - 12:19:25 GMT
FX Thoughts for the Day - www.fxthoughts.com
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FX Thoughts for the day : 08-Aug-2012 - 1216 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 @ 0.9721/24... Stands at the resistance
R: 0.9735 / 0.9760 / 0.9800
S: 0.9670-60 / 0.9610
The pair moved above 0.9700 and made a high of 0.9729 it is currently trading in the , tough the resistance of 0.9735 which is expected to hold the pair lower. We will wait for the pair to move lower which looks most likely though it is showing resilience. The pair lacks momentum and to move lower a break of 0.9670-60 is required which will take the pair lower towards 0.9610. On the upside the break of 0.9735 can take the pair towards 0.9760-0.9800 the possibility for which looks bleak.
Holding
USD 10K short at 0.9700, SL 0.9755, TP 0.9620
GBP-USD @ 1.5659/62...Ranged
R: 1.5665 / 1.5720
S: 1.5540 / 1.5420
The pair as mentioned is trading in the 1.5400-1.5720 range from the past few days,. Today it went down to take support again above the expected level making a low of 1.5568 and bouncing from there. The pair can move towards 1.5680-700 where it is expected to take resistance and move lower. We would not look to go short on the pair as it looks stronger than weaker and we can think of taking a long position near 1.5400 which is the lower trading range for the pair.
AUD-USD @ 1.0552/55...Resistance ahead
R: 1.0590-600 / 1.0630-40 / 1.0690
S: 1.0450 / 1.0375 / 1.0330
The pair is no doubt in an uptrend but is experiencing resistance near current levels and can move lower if it breaks 1.0530. It gained strength throughout the day and moved up to make a high of 1.0573 just missing our stop loss. The pair if confirms downward move can move towards 1.0460 in the immediate term. The pair does have good momentum and can move swiftly in either direction.
Holding
AUD 10K short at 1.0547, SL 1.0575, TP 1.0460
Happy Trading!
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