Thursday January 17, 2013 - 12:25:48 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 17-Jan-2013 -1224 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 @ 0.9305/08...While below 0.9330 a dip can be seen
R: 0.9330 / 0.9380 / 0.9460-80
S: 0.9270 / 0.9250 / 0.9180
Gave a strong rise in the intra day to rise above 0.9330 but could not sustain the rise and is threatening to break 0.9300. The daily charts as of now suggest that it is more likely to turn down from current levels and thus avoid a rise towards 0.9400. On the down side it does have support near 0.9270 which can be broken for a dip now. The bearish view now remains intact till the time its trades below 0.9330. On the weekly perspective it is still trading above 0.9255-50 which has to be broken for it to take dip towards 0.9080 in the coming days/weeks.
We got stopped out of the Short position entered at 0.9290 losing 45 pips.
Limit Sell Order
Sell USD 10K at 0.9325, SL 0.9365, TP 0.9225
GBP-USD @ 1.6032/35...A rise above 1.6040 will push it further up
R: 1.6100 / 1.6160-70 / 1.6200
S: 1.6000 / 1.5960-45
Cable did trade below 1.6000 but could not fall further towards 1.5945 as it made a base on the short term charts to bounce back. Now a move above 1.6040 will mean that the down side gets sealed and a rise towards 1.6160 and 1.6200 can be seen in the near term. On the other hand a dip below 1.5985-75 will open the down side for a fall towards 1.5945. I would be biased for a rise rather than a fall. Looking at Dollar-Index (79.60) it looks good to weaken further towards 79.00 levels, which would help the Cable to rise from these levels.
Stop Loss Buy Order
Buy GBP 10K 1.6040, SL 1.5965, TP 1.6155
AUD-USD @ 1.0517/20...Continues to remain ranged
R: 1.0545 / 1.0600-20 /
S: 1.0445 / 1.0400/
After dipping in the early part of the day Aussie has stabilized near the lower end of the 1.0600-500 range. The outlook is not very clear in the immediate term and it is advised to stay out of the markets. A firm break above 1.0620 makes it bullish for a further rise towards 1.0750-850 levels. We would prefer to wait for this break rather than going short if at all the 1.0600-500 range breaks on the down side, simply because the longer term is looking positive. Hence going against the trend might prove very risky. A break below 1.0500 if seen can pull it lower towards 1.0450 and 1.0400 levels.
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