FX Thoughts for the Day – 09.10.2010
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USD-CHF 1.0230/33…Resistance at 1.0245-60 wait and watch
R: 1.0245-60 / 1.0291-300
S: 1.0141 / 1.0050 / 1.0012-00
Dollar-Swiss has broken above the Resistance at 1.0150 today and is currently trading above 1.0200. The pair tested the Resistance region of 1.0245-60 and is currently trading lower. In the US sessions today, we may see the pair move in a range of 1.0175-250, however there are less chances of a break above the Resistance region of 1.0260 today. The suggested Max high for the day is 1.0244.
For trading purposes, we will want to stay out of the markets and would want to observe the early movements of the pair on Monday before we take any positions.
Cable GBP-USD @ 1.5442/45…Ranged…Buy dips
R: 5480-500 / 1.5600
S: 1.5415-385 / 1.5353 / 1.5320-00
Cable has been moving in a range of 1.5300-500 from the past few days and may spend some more time in this region before we see it break above 1.5500 in the coming days. In the coming sessions today, we will want to buy on dips below 1.5400-375 for an eventual move beyond 1.5500 next week.
The pair has tested the strong Support at 1.5300 this week and has moved up. We now see good chances of the pair moving up towards 1.58-59 in the coming weeks.
Aussie AUD-USD 0.9264/67…Resistance at 0.9250-70
R: 0.9250-75 / 0.9305-30 / 0.9405
S: 0.9180-60 / 0.9125-00 / 0.9000-20
Aussie touched a high of 0.9277 in the US session yesterday, stopping us out of our Longs entered at 0.9175 and 0.9220. In the coming sessions over today and Monday, we see good chances of the pair falling towards 0.9150-00, however, we may have to allow for another test of the Resistance at 0.9250-75 in the US session today. The Suggested Max high for the day is 0.9306.
Please note that 0.9250-275 is a very strong Resistance in the Daily, Weekly and the Monthly charts and we less chances of a break above these levels.
Limit Sell Order:
AUD 10K Short at 0.9275, SL 0.9365, TP Open
AUD 10K Short at 0.9300, SL 0.9365, TP Open
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Legal disclaimer and risk disclosure
These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsibly for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.
