Wednesday March 5, 2008 - 13:00:23 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 5-Mar-2008....1300 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 @ 1.9777/81...Holding Long
R: 1.9820 / 1.9863
S: 1.9760 / 1.9726
GBP-USD dipped during the day to a low of 1.9720 and has seen a sharp rally since then. Our buy order has been executed. The pair could continue with its recovery later on in the day.
Today the initial Resistance would come in at 1.9820. Above that the Resistance would come in at 1.9863, the statistically projected Max High for the day. On the downside the Support is at 1.9760 and 1.9726, the statistically projected Max Low for the day. We are holding a Long position.
GBP 10K Long at 1.9750, SL 1.9690, TP 1.9900
BOE meets tomorrow. See UK Interest Rate and GBP Libor chart at
USD-CHF @ 1.0398/02...Bearish Biased
R: 1.0430 / 1.0460 / 1.0490
S: 1.0370 / 1.0340 / 1.0309
USD-CHF has had little move during the day so far and big move is unlikely later today as well. The near term range for the pair is 1.0307 â€“ 1.0459. However the pair remains bearish and sellers are still likely on rallies. Today the immediate Resistance is at 1.0430. Above that the Resistance is at 1.0460. The statistically projected Max High for the day is at 1.0490.
On the downside the Support is at 1.0370 and then at 1.0340. The statistically projected Max Low for the day is at 1.0309. The pair needs to move above 1.0550 to question the downside potential in the week.
AUD-USD @ 0.9257/62...Holding Short
R: 0.9300 / 0.9321
S: 0.9190 / 0.9150
There has been little move in the AUD-USD during the day and it continues to be pressured. The pair is likely to fall towards 0.9190 later on in the day, which is the statistically projected Max Low for the day. A break below that (unlikely today) could result in a fall towards 0.9150 as well, over the rest of the course of the week however.
On the upside the Resistance is at 0.9300 and then at 0.9321, the statistically projected Max High for the day. The bias for the pair currently stays bearish and we are holding a Short position.
AUD 10K Short at 0.9283, SL 0.9340, TP 0.9197
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."