International Trading

FX Thoughts for the Day

Friday, September 24, 2010 , Posted by Usman Ali Minhas at 7:54 AM

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USD-CHF 0.9804/06...Support at 0.9850 breached R: 0.9915-20/0.9977-1.00 / 1.0069-90 
S: 0.9761 / 0.9600
Dollar Swiss having broken the support at 0.9850 is trading at 0.9790. With prices decisively below 0.9850 we believe probability of March’08 low 0.9635 low being re-tested has increased. Our stop-loss buy order at 0.9980 did not get triggered and now we would look to sell rallies towards 0.9920-30. 
 
 
GBP-USD @ 1.5733/35...Bullish R: 1.5800 / 1.5850-900
S: 1.5635 / 1.5600 / 1.5500
As we mentioned in our morning update, cable trading above 1.5650 is looking likely to touch 1.5750-1.5800. Only on a close below 1.5635 can the pair fade towards 1.5500..

  AUD-USD 0.9554/55...Support at 0.9450 R: 0.9572-600 / 0.9675 / 0.9850
S: 0.9450 / 0.9400-387 / 0.9300-280
Soft-dollar undertone pushed Aussie towards 0.9542. Having stayed clear of 0.9450, we believe probability of a rally towards 0.96 and even the 2008 high of 0.9849-50.

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