Friday February 22, 2008 - 12:43:34 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 22-Feb-2008....1240 GMT
EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.0863/67....Breaking Down
R: 1.0900 / 1.0940
S: 1.0844 / 1.0804
USD-CHF has had a sharp fall once again during the day below its important level of 1.0900, and is sustaining there. There could be further fall later on in the day possibly towards 1.0804, the statistically projected Max Low for the day. The immediate Support however is expected at 1.0844, on the trendline on the 4-Hourly joining the lows of 1.0933 (07-Feb) and 1.0884 (15-Feb).
On the upside the Resistance is at 1.0900 and then at 1.0940, rallies towards which are likely to see selling interest emerge. The bias for the pair is bearish.
GBP-USD @ 1.9668/72...On a Resistance of 1.9670
R: 1.9670 / 1.9720 / 1.9760
S: 1.9600 / 1.9500-34
GBP-USD has had little move during the day and it is currently near an important Resistance of 1.9670, on a trendline on the Daily Candles joining the highs of 2.1143 (09-Nov) and 1.9943 (01-Feb). Above that the Resistance is at 1.9720 and 1.9760, the statistically projected Max High for the day.
On the downside the Support is at 1.9600 and then at 1.9550-34, the statistically projected Max Low for the day. The pair is likely to stay choppy within 1.9350 and 1.9800 in the next few days, as the 20-Day MA of 1.9638 is absolutely flat. Staying out now.
AUD-USD @ 0.9239/44...Holding Long
R: 0.9262 / 0.9280
S: 0.9180-75 / 0.9143
AUD-USD has had a nice rally during the day and has tested 0.9251, just under the statistically projected Max High for the day of 0.9262. It is currently testing the upper end of the range within which it was confined earlier and could rally towards 0.9280, which comes on the trendline on the 4-Hourly joining the highs of 0.9102 (04-Feb) and 0.9240 (19-Feb). The latter development would be a positive development going into next week, as it could result in a rally towards 0.9400 next week.
On the downside the Support today is at 0.9180-75, on the trendline on the 4-Hourly joining the lows of 0.8988 (13-Feb) and 0.9112 (20-Feb). Below that the Support would come in at 0.9143, the statistically projected Max Low for the day. We are holding a Long position.
AUD 10K Long at 0.9206, SL 0.9170 (up from 0.9160), TP Open
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