FX Thoughts for the day : 14-Jul-2011 – 1231 GMT

By: Milla Shaw in Forex Consultant on Jul. 12, 2011

EURO, JAP YEN and EUROYEN

Read our current comments and trade recommendations on EURUSD, USDJPY and EURJPY by registering at

USDCHF @ 0.8155/58…Sell rallies
R: 0.820030 / 0.8250
S: 0.8100 / 0.8050

DollarSwiss has risen during the day. Although the upmove seems to be slowing down, with lack of downside momentum there is still chance of seeing 0.820030 on the upside in the coming sessions. A rally to 0.820030 can be considered for taking Short positions. The downside is still open for a fall to 0.8050 or even 0.8000.

Limit Sell Order:
Sell USD 10K at 0.8220, SL 0.8260, TP 0.8080
 
 
GBPUSD @ 1.6123/26…200DMA Support at 1.6050
R: 1.6150 / 1.6200 / 1.6250
S: 1.6100 / 1.6050 / 1.6000

Cable is ranged between 1.610050 today. With no significant move on either side seen during the day, our view remains the same. A strong close above the 200DMA yesterday, which has eased the downside pressure. While above the 200DMA , the upmove can extend further to 1.62606300 in the coming sessions. 1.6260 and 1.630015 region are the significant Resistances to be watched on the upside and we might expect sellers coming in at these levels.


 
 AUDUSD 1.0747/50…Immediate outlook mixed
R: 1.0785800 / 1.0850
S: 1.0700 / 1.0650

Aussie is continuing to trade above 1.0700, but is not gaining upside momentum to see a strong break above its important Resistance at 1.0785800 region. The immediate outlook remains mixed and we will have to wait and see as what happens to the 1.07850800 Resistance region. A strong break above 1.0800 would open doors for a rise to 1.10. On the other hand while below 1.0800, we might expect the pair to retain its 1.05000800 sideways consolidation. As of now we are staying out of the market.

 

Happy Trading!

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