Wednesday March 12, 2008 - 12:39:03 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 12-Mar-2008....1238 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 @ 2.0188/92...Resistance at 2.0209
R: 2.0209 / 2.0250
S: 2.0120 / 2.0080
GBP-USD has been firm so far today, after coming off from its highs yesterday. The near term range for the pair is likely to be 2.0200 and 2.0000, before a break higher. We expect this range to hold later on today as well, however we expect an eventual breakout to the upside.
The immediate Resistance for the day is at 2.0209, the statistically projected Max High for the day. Above this the Resistance would come in at 2.0250. On the downside the Support is at 2.0120 and then at 2.0080. The bias for the pair is bullish.
UK Trade Balance came out earlier today. See chart at
Limit Buy Order:
Buy GBP 10K at 2.0010, SL 1.9940, TP 2.0200
USD-CHF @ 1.0218/22.....Support at 1.0170
R: 1.0300 / 1.0360
USD-CHF saw a sharp rally yesterday, however it has started to come off already today. However, new lows are unlikely in the short term and there may be a range between 1.0430 and 1.0130 instead over the next few days.
The pair is currently below the statistically projected Max Low for the day of 1.0217. The immediate Support is at 1.0170. On the upside the Resistance is at 1.0240 and then at 1.0280. We donâ€™t have any trades currently, however we expect 1.0134 to hold if it is tested.
SNB meets on tomorrow. See SNB Libor chart at
AUD-USD @ 0.9296/99...Important Resistance at 0.9340-45
R: 0.9340-45 / 0.9378
S: 0.9275 / 0.9240-27
AUD-USD has been firm during the day and the pair is currently testing its important Resistance of 0.9340, which is on a trendline on the 4-Hourly charts joining the highs of 0.9423 (03-Mar) and 0.9388 (06-Mar). See the first chart at http://www.kshitij.com/graphgallery/audcandle.shtml
A move above that could result in a test of 0.9378, the statistically projected Max High for the day.
On the downside the Support is at 0.9275, and then at 0.9240-27, the statistically projected Max Low for the day. We donâ€™t have any trades currently, as there is no clear directional trend in the pair currently.
Aussie Labour Force data would come early tomorrow. See chart at
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