Friday March 14, 2008 - 12:00:25 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 14-Mar-2008....1154 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 @ 2.0277/84...Bullish Biased
R: 2.0350 / 2.0390 / 2.0435
S: 2.0240 / 2.0174
GBP-USD has had a bit of a fall during the day. We entered a Long at 2.0300, which was stopped out at 2.0270. However, this fall is currently profit booking, and there could be a rally once again later on in the day, possibly towards 2.0435 later on (today or next week), which is on a trendline on the Daily Charts joining the highs of 1.9975 (27-Feb) and 2.0392 (13-Mar). This can be seen on the page below:
http://www.kshitij.com/graphgallery/gbpcandle.shtml . However, interim Resistance would come in at 2.0350 and 2.0390.
On the downside the Supports are at 2.0240 and then at 2.0174, on the trendline on the 4-Hourly joining the lows of 1.9720 (05-Mar) and 1.9995 (11-Mar). We are bullish on the pair.
USD-CHF @ 1.0107/12.....Bearish Biased
R: 1.0110 / 1.0170
S: 1.0025 / 1.0000-0.9997 / 0.9960
There has been no change in directional view in USD-CHF, which continues to be in a long-term downtrend. Now the pair is headed towards 1.0000, which is likely to act as a Support atleast for a few hours. Note that the statistically projected Max Low for the day is at 0.9997. However one could see sharp selling on a break of that level. There is a small intraday Support is at 1.0025-28, on the trendline on the 4-Hourly joining the lows of 1.0133 (07-Mar) and 1.0043 (13-Mar).
On the upside the Resistance is at 1.0110 and then at 1.0170. Selling rallies is still the best option.
See a range of USD-CHF charts from our graph gallery at
AUD-USD @ 0.9384/88...Resistance near 0.9505
R: 0.9420 / 0.9480 / 0.9505
S: 0.9370 / 0.9340
AUD-USD did not move above its important Resistance of 0.9505 in the morning, and a sharp fall has been seen during the day. Now the pair is coming close to its Support of 0.9370, which could hold. A break below that could result in a fall towards 0.9340 before a bounce back.
On the upside the Resistance is at 0.9420 and then at 0.9480. The daily view for the pair is neutral, however buying on dips is likely.
See the Weekly Chart at http://www.kshitij.com/graphgallery/audcandle.shtml
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