Thursday December 13, 2007 - 12:33:10 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 13-Dec-2007....1209 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.1356/60...Buy a Dip
R: 1.360-70 / 1.1400-10 / 1.1448-50
S: 1.1300 / 1.1253-50
SNB has kept the interest rate unchanged along the expected lines at 2.25% - 3.25%. There was a small decline in the USD-CHF prior to the interest rate announcement to a low of 1.1298, which saw buying. Then post the announcement, a high of 1.1367 has been seen so far.
Currently, USD-CHF has been ranged within 1.1360 and 1.1255 in the immediate short term. A move above 1.1360 is likely to result in a rally towards 1.1400-10. The bigger Resistance is at 1.1448-50, on the trendline on the Daily Candles joining the highs of 1.2156 (04-Sep) and 1.1881 (12-Oct). A move above the latter may not be seen today.
On the downside the Support is at 1.1300, on the trendline on the 4-Hourly joining the lows of 1.0954 (27-Nov) and 1.1274 (12-Dec). Below this the Support would be at 1.1253-50, dips towards which is likely to attract buying.
Limit Buy Order:
Buy USD 10K at 1.1285, SL 1.1200, TP 1.1430
GBP-USD @ 2.0436/40....Support at 2.0400
R: 2.0480 / 2.0520-30 / 2.0570-80
S: 2.0400 / 2.0360
After the sharp volatility in the last few days, GBP-USD has been relatively calm during the so far. However, there is still no clear short-term direction. For today the Resistance would be at 2.0480 and then at 2.0520-30. The bigger Resistance is at 2.0570-80, on the trendline on the Daily Candles joining the highs of 2.1163 (09-Nov) and 2.0826 (29-Nov).
On the downside the Support is at 2.0400, on the trendline on the 4-Hourly joining the lows of 2.0180 (06-Dec) and 2.0329 (11-Dec). Below this the Support is at 2.0360. We donâ€™t have any trades currently.
In the larger term, the pair remains in an uptrend and is coming close to its 200-Day MA of 2.0129 and its 19-month old trendline near 2.0130-20 on the weekly candles joining the lows of 1.8090 (June-06) and 1.9652 (Aug-07). While these remain intact on a sustained basis, the pair remains in a bullish trend.
AUD-USD @ 0.8799/04....Buy a Dip
R: 0.8860 / 0.8900-10
S: 0.8800-0.8790 / 0.8740
AUD-USD failed near 0.8900 yesterday for the second time in the week and it currently remains confined within 0.8900 and 0.8700, a breakout from which on a closing basis is required to see a sustainable directional move in the pair.
For today the Support would be at 0.8800-0.8790. A break below that could result in a decline towards 0.8740, on the trendline on the Daily Candles joining the lows of 0.7674 (17-Aug) and 0.8660 (05-Dec). On the upside the Resistance would be at 0.8860 and then at 0.8900-10. We would like to buy a sharp dip if seen.
Limit Buy Order:
Buy AUD 10K at 0.8710, SL 0.8650, TP 0.8880
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