Thursday March 13, 2008 - 11:38:31 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 13-Mar-2008....1132 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
GBP-USD @ 2.0352/56...Bullish Biased
R: 2.0409 / 2.0450
S: 2.0320 / 2.0280
GBP-USD has had a sharp rally during the day and further gains are likely in the pair over the next few hours as well. The immediate Resistance is likely at 2.0409, the statistically projected Max high for the day. Above that the Resistance would be expected at 2.0450.
On the downside the Supports are at 2.0320 and then at 2.0280. The bias is bullish. Buying dips could be considered.
USD-CHF @ 1.0083/88.....SNB Meeting Today
R: 1.0120 / 1.0160
S: 1.0000 / 0.9960
USD-CHF slipped to a low of 1.0043 during the day and the big level of 1.0000 continues to be in focus. One would assume that level would be defended vigorously as lots of option triggers could be present below that level. Importantly, today the SNB interest rate decision could induce volatility in the pair as well.
Today the Resistances would come in at 1.0120 and then at 1.0160. The bias is bearish, however volatility is very likely. See SNB Libor chart at
AUD-USD @ 0.9381/85...Bullish Biased
R: 0.9410 / 0.9435 / 0.9480
S: 0.9410 / 0.9435
The pair had a narrow dip during the day to a low of 0.9329 and has seen good buying emerge from here. The pair continues to be bullish biased and is likely to target 0.9500 in the next couple of days. See the chart at http://www.kshitij.com/graphgallery/audcandle.shtml
Immediately today the Support would come in at 0.9340-35, which has already been tested once. Below this the Support is at 0.9310, the statistically projected Max Low for the day. On the upside the Resistance is at 0.9410, and then at 0.9435, statistically projected Max High for the day. The bias for the pair is bullish for the day.
Aussie Labour Force data came out earlier today and was better than expected. See chart at
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."