Tuesday February 26, 2008 - 12:06:19 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 26-Feb-2008....1203 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
GBP-USD @ 1.9695/99...Holding Long
R: 1.9769 / 1.9799
S: 1.9670-57 / 1.9643-34
There's been a strong rise in GBP-USD alongwith EUR-USD after the IFO data. But, with EUR-GBP looking a little perky, possibly EUR-USD might have been a better buy than GBP-USD.
Still, there is good Support at 1.9670-57 on the 4-hour chart for GBP-USD. While it holds, we can look for a further rise towards 1.9750-60.
GBP 10K Long at 1.9657, SL 1.9640 (up from 1.9625), TP 1.9731 (down from 1.9760).
USD-CHF @ 1.0869/873...Holding Long
R: 1.0891 / 1.0906 / 1.0921-32
S: 1.0855-49-35 / 1.0804 / 1.0765-33
Dollar-Swiss dipped during the day, but is finding Support at 1.0850. If this Support holds through the rest of the day, we could see a strong rise towards 1.0960 tomorrow. A confirmed break below 1.0804 (projected Max Low for the day) would be needed to suggest a deeper fall towards 1.0765-35
USD 10K Long at 1.0858, SL 1.0838 (up from 1.0750), TP 1.0920
AUD-USD @ 0.9277/81...Watch Resistance at 0.9300
R: 0.9300 / 0.9342
S: 0.9254-49 / 0.9234 / 0.9210
The Aussie is maintaining strength above 0.9250. At the same time however, it is faced with a very important Resistance at 0.9300 on a trendline joining the Highs at 0.9103 (04-Feb) and 0.9240 (19-Feb) on the Daily Candles. While this Resistance holds, there could be chances of a dip towards 0.9210 or possibly even 0.9190.
If, however, the Resistance at 0.9300 breaks (some catalyst news might be required), a strong rise towards 0.9342 (projected Max High for the day) or maybe even 0.9380
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