Wednesday March 26, 2008 - 12:47:19 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 26-Mar-2008....1245 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 @ 1.9990/94...Support at 1.9940-33
R: 2.0040 / 2.0100
S: 1.9940-33 / 1.9900
After the sharp rally yesterday, GBP-USD has fallen sharply today after hitting a high of 2.0113. The pair is currently trying to from a range to trade within which over the next few days. The possible range looks to be 2.0120 and 1.9800.
Now the immediate Support is at 1.9940-33, the statistically projected Max Low for the day. Below that the Support would come in at 1.9900. On the upside the Resistance is at 2.0040 and 2.0100. We donâ€™t have any trades in the pair currently.
USD-CHF @ 0.9970/74....Further Lower
R: 1.0000 / 1.0060
S: 0.9960-58 / 0.9900
After failing near its 20-Day MA of 1.0214 yesterday, USD-CHF had a sharp fall, which is gaining momentum currently. The pair has fallen sharply during the day. Currently the immediate Support to watch would be 0.9960-58, the statistically projected Max Low for the day. A break below that would indicate a fall towards 0.9900 could be seen.
On the upside the Resistance would come in at 1.0000 and then near 1.0060. We continue to be bearish on the pair currently.
AUD-USD @ 0.9224/28...Resistance near 0.9255-60
R: 0.9220-25 / 0.9253-60 / 0.9320
S: 0.9160 / 0.9120
AUD-USD has had a nice rally during the day and is currently headed towards 0.9220-25, on the small trendline on the 4-Hourly joining the highs of 0.9036 (21-Mar) and 0.9156 (25-Mar). Above this the important Resistance would be at 0.9253-60, near the 20-Day MA, which could hold. However, if that is crossed on a daily close basis, then a rally towards 0.9320 could be seen in the next 24 hours.
On the downside the Supports now are at 0.9160 and 0.9120. While the pair is bullish biased, we expect 0.9253-60 to hold.
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