Thursday March 20, 2008 - 12:04:46 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 20-Mar-2008....1200 GMT
EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
GBP-USD @ 1.9796/99...Resistance at 1.9900
R: 1.9840 / 1.9900
S: 1.9740 / 1.9700
GBP-USD was weak during the day and it hit a low of 1.9736 before bouncing back. This bounce back is likely to soon find Resistance near 1.9840, which could hold. However, if that is crossed, then a rally towards 1.9900 could be seen before a fall is seen again.
On the downside the Support is at 1.9740 and then at 1.9700-9698, the statistically projected Max Low for the day. We donâ€™t have any trades currently, however we expect sellers on rallies.
USD-CHF @ 1.0124/28....Strong Resistance at 1.0157-60
R: 1.0157-60 / 1.0200-05
S: 1.0100 / 1.0060
USD-CHF has had sharp fall during the day and we entered a Long at 1.0046, which met its take profit at 1.0100. The pair is currently near its important Resistance of 1.0157-60, which may or may not be crossed today. That is the upper end of its trading range of 1.0157 and 0.9800. In case that is crossed, then a rally towards 1.0200-05 may be seen.
On the downside the Support is at 1.0100 and then at 1.0060. The pair is likely to find buyers on a dip.
AUD-USD @ 0.9065/70...Towards 0.8850
R: 0.9120 / 0.9160-70
S: 0.9040 / 0.9000-0.8990
AUD-USD has had a sharp fall during the day below its important level of 0.9120, which is now likely to act as a strong Resistance. The pair looks to be headed towards 0.8850 in the next few days, which comes on a trendline on the weekly charts. (See the chart at http://www.kshitij.com/graphgallery/audcandle.shtml) In the interim the Support is likely at 0.9038, the statistically projected Max Low for the day. We have changed our view from the morning, when we had expected 0.9120 to hold.
On the upside the Resistance would come in at 0.9120 and then at 0.9160. The pair needs to move above 0.9170 on a sustained basis to question the potential for further fall.
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