Tuesday March 11, 2008 - 12:31:11 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 11-Mar-2008....1230 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
GBP-USD @ 2.0158/61....Holding Long
R: 2.0193 / 2.0250
S: 2.0150 / 2.0100
GBP-USD has had a nice upmove during the day and is now trying to stabilize above its 200-Day MA of 2.0131, a close above which would be bullish for the pair. There could be a rally towards 2.0300 in the pair later on in the week should that materialize. For today the Resistance would come in at 2.0193, the statistically projected Max High for the day. Above that the Resistance would come in at 2.0250.
On the downside the Support is at 2.0150 and 2.0100. Below that the Support is at 2.0060. We are holding a Long position.
GBP 10K Long at 2.0073, TSL 2.0093 (up from 2.0043), TP Open. As soon as the market trades at
2.0210 now, bring TSL up to 2.0120.
USD-CHF @ 1.0172/76.....Holding Short
R: 1.0190 / 1.0220
S: 1.1034 / 1.0090 / 1.0070
USD-CHF has had a sharp fall once again during the day and the pair is headed lower. It has some Support near 1.0070, on the trendline on the 1st chart at
The short term intraday Support would come in at 1.0134, the current all time low. Below that Support is expected at 1.0090, the statistically projected Max Low for the day. On the upside the Resistance is at 1.0190 and then at 1.0220, on the trendline on the 4-Hourly joining the highs of 1.0430 (05-Mar) and 1.0259 (10-Mar). We are holding a Short position.
SNB meets on Thursday. See SNB Libor chart at
USD 10K Short at 1.0220, SL 1.0250 (down from 1.0313), TP 1.0100. As soon as the market trades at
1.0130 now, bring SL down to 1.0220.
AUD-USD @ 0.9239/44...Resistance near 0.9280
R: 0.9300 / 0.9350
S: 0.9200 / 0.9160 / 0.9140
AUD-USD has had a sharp rally during the day so far, as the pair has been choppy in the last few days. However, the pair is likely to find good selling interest on rallies later today. The immediate Resistance would come in at 0.9300 and then the Resistance is at 0.9350, on the trendline on the 4-Hourly joining the Highs of 0.9423 (03-Mar) and 0.9377 (07-Mar).
On the downside the Support is at 0.9200 and then at 0.9160. The statistically projected Max Low for the day is at 0.9140. A Day Close below 0.9220 today could lead to a fall towards 0.90-89 over the coming weeks. Refer to the Weekly Candles at
Watching the market closely.
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