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Tuesday March 25, 2008 - 12:29:07 GMT
FX Thoughts for the Day - www.fxthoughts.com

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FX Thoughts for the day - Evening - 25-Mar-2008....1230 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
http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register

Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
---------------------

 

GBP-USD @ 1.9933/37...Support 1.9800, Resistance 2.0022
R: 1.9940 / 2.0000 / 2.0022
S: 1.9860 / 1.9800 / 1.9756
GBP-USD has had a nice rally since yesterday after taking Support on the trendline shown in the 1st chart at
http://www.kshitij.com/graphgallery/gbpcandle.shtml

That level is at 1.9800 today, and may not break. However if it is broken, then a fall towards 1.9600-9500 may start, which was written about yesterday. While 1.9800 holds, there could be a test of 2.0000 before falling. Note that the statistically projected Max High for the day is at 2.0022.

Today the Supports are at 1.9860 and then at 1.9800. The statistically projected Max Low for the day is at 1.9756. Buying a dip would be worthwhile.

Limit Buy Order:
Buy GBP 10K at 1.9850, SL 1.9790, TP 1.9950
Buy GBP 10K at 1.9826, SL 1.9745, TP 1.9972


 
USD-CHF @ 1.0090/96....Watch Support at 1.0090
R: 1.0140 / 1.0180 / 1.0240
S: 1.0090 / 1.0071 / 1.0030
USD-CHF has fallen during the day and the pair currently is just above its important trendline Support of 1.0090, on the 4-Hourly Chart joining the lows of 0.9730 (17-Mar) and 0.9789 (18-Mar). A sustained break below this trendline could lead to additional losses over the next 24 hours, possibly towards 1.0030. For today the Support would be at 1.0071, the statistically projected Max Low for the day.

On the upside the Resistance for the day is at 1.0140 and then at 1.0180. Above that the Resistance is at 1.0240. We are sidelined now because of the presence of the Resistance at 1.0244 and the fall seen from there in the morning today. We have to see how the Support at 1.0090 behaves in the day today, before taking a fresh call.


 
AUD-USD @ 0.9147/52.....Holding Long
R: 0.9175-80 / 0.9205
S: 0.9090 / 0.9050
AUD-USD saw a good upmove yesterday past the important level of 0.9070 and may currently be headed higher before lower. As such, there is likely to be a rally towards 0.9175-80 before selling is again seen. Note that 0.9175-80 falls on a steep trendline joining the Highs of 0.9449 (16-Mar) and 0.9355 (19-Mar) on the 4-hour chart. A sustained move above 0.9175-80 could also result in an upmove towards 0.9205, the statistically projected Max High for the day.

On the downside the Support is at 0.9090 and then at 0.9050. The statistically projected Max Low for the day is at 0.9021. The pair is likely to rally towards 0.9180 later today and we are holding a Long position.

Holding:
AUD 10K Long at 0.9146, SL 0.9040, TP 0.9210

 

Happy Trading!

 

 

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