Wednesday February 20, 2008 - 12:44:01 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 20-Feb-2008....1243 GMT
EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
GBP-USD @ 1.9440/44...Important Support near 1.9430-28
R: 1.9490 / 1.9540
S: 1.9430 / 1.9390 / 1.9346
GBP-USD has been resilient during the day so far and it continues to trade above its important Support of 1.9430, on the trendline on the 4-Hourly joining the lows of 1.9337 (22-Jan) and 1.9388 (07-Feb). A break below this (chances 50-50 now) could result in a fall towards 1.9390 or 1.9346, the statistically projected Max Low for the day.
On the upside the Resistance is at 1.9490, and a move above this is required to indicate an ease in selling pressure. If so, a rally towards 1.9540 could be seen.
USD-CHF @ 1.0994/98....Resistance at 1.1010
R: 1.1010 / 1.1050
S: 1.0925 / 1.0900 / 1.0856
USD-CHF has continued its morning recovery during the day as well and it continues to trade indecisively within its big range of 1.0900 and 1.1100. It is currently bouncing after testing the lower end of the range of 1.0900 yesterday. The immediate Resistance is at 1.1010, on the trendline on the 4-Hourly joining the highs of 1.1101 (14-Feb) and 1.1049 (18-Feb). Above this the Resistance is at 1.1050, the statistically projected Max High for the day.
On the downside the Support is at 1.0925, which is on a trendline on the 4-Hourly joining the lows of 1.0733 (01-Feb) and 1.0884 (15-Feb). Below this the Support is at 1.0900, the lower end of the range. Buying is likely on dips.
AUD-USD @ 0.9130/35...Resistance at 0.9180-90
R: 0.9180-90 / 0.9220 / 0.9246
S: 0.9121 / 0.9080
After the sharp fall in the morning, AUD-USD has been stable during the day so far. However, it continues to face Resistance near 0.9180-85, on the trendline, which was broken in the morning, and comes joining the lows of 0.8988 (13-Feb) and 0.9054 (17-Feb). A rally above this could trigger a rally towards 0.9220 and 0.9246, the statistically projected Max High for the day.
On the downside the Support is at 0.9121, the statistically projected Max Low for the day. Below that the Support is at 0.9080. We donâ€™t have any trades currently.
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