Monday March 17, 2008 - 12:24:08 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 17-Mar-2008....1224 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 @ 2.0040/45...Crucial Support at 2.0030-27
R: 2.0100 / 2.0160
S: 2.0030-27-25 / 1.9960 / 1.9900
GBP-USD has had a sharp fall in the last two days, following step in with a sharply falling GBP-JPY. However, independently GBP-USD is currently trading within an upward channel on the Daily Candles, with Support near 2.0030-27. See chart at
A brief break below that was seen during the day, however it was reversed. A sustained break would be negative for GBP-USD and a fall towards 1.9900 would be expected. On the upside the Resistance is at 2.0300-50 and above. The pair is likely to see two-way moves in the week. The smaller Resistances are at 2.0100 and 2.0160
UK CPI would be declared tomorrow. See chart at
USD-CHF @ 0.9832/37.....Resistance at 0.9900
USD-CHF closed with losses last week and opened with a very sharp slide this morning at fresh all time lows. In fact it hit a low of 0.9637 before seeing a small bounce. The pair is in a strong downtrend and continues to be in a free fall. Today the Support is only at 0.9637, the low seen earlier today.
There needs to a move above 1.0200 to question the potential for further fall in the days ahead.
See a range of USD-CHF charts from our graph gallery at
AUD-USD @ 0.9231/35....Important Support at 0.9220
R: 0.9300 / 0.9360
S: 0.9220 / 0.9180
AUD-USD has had a sharp fall today, which has been primarily driven by a sharp fall in AUD-JPY. The fall in AUD-JPY, in turn has been driven, by a crashing USD-JPY. With the fall, AUD-USD is currently near an important trendline Support at 0.9220 joining the lows of 0.8511 (22-Jan) and 0.9149 (11-Mar) on the Daily Candles. A dip below that was seen this morning earlier today, but the market has bounced back slightly from there. A sustained break on a Daily close would indicate that a fall towards 0.9149 is underway.
See chart at
On the upside the Resistance for the week is at 0.9400 and above. Selling on a rally would be the best option. However, the pair is likely to be extremely volatile in the week and extra care should be followed.
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