Friday March 28, 2008 - 12:13:07 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 28-Mar-2008....1205 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
GBP-USD @ 1.9997/99...Holding Long
R: 2.0000 / 2.0060 / 2.0111
S: 1.9900 / 1.9850
GBP-USD has been very choppy this week so far, which was again highlighted yesterday. It hit a high of 2.0195 before falling sharply. It currently is ranged within 2.0200 and 1.9800, which is likely to remain in place for the next few days as well.
Within the range, the pair could move higher. The immediate Resistance is in at 2.0000 and a sustained move above that could result in a test of 2.0060. The statistically projected Max High for the day is at 2.0111. On the downside the Support is at 1.9900 and then at 1.9850. We are holding a Long position.
GBP 10K Long at 1.9974, SL 1.9930 (up from 1.9910), TP 2.0050
USD-CHF @ 0.9936/40....Sell a rally
R: 1.0000 / 1.0040-50
S: 0.9900 / 0.9860 / 0.9840
USD-CHF rallied to a high of 0.9999 during the day, which was met with selling pressure. The pair is currently within a small range of 1.0000 and 0.9900, and a break below that could result in a fall towards 0.9860. The statistically projected Max Low for the day is at 0.9840. The chances of an eventual downward break form the range is higher. On the upside the Resistance above 1.0000 would be in at 1.0040. The bias for the pair is bearish and a rally could be used for selling.
Limit Sell Order:
Sell USD 10K at 1.0000, SL 1.0030, TP 0.9910
AUD-USD @ 0.9230/34...Holding Long
R: 0.9250-60 / 0.9310
S: 0.9195-90 / 0.9150
AUD-USD has been bullish during the day, however it is trading below its important Resistance of 0.9250-60. A sustained move above that is required to see an increase in upward momentum for the pair. If that is seen, then a rally towards 0.9310 would be very likely later today, which is the statistically projected Max High for the day.
On the downside the immediate Support is at 0.9195, on the small trendline on the 4-Hourly joining the lows of 0.8982 (24-Mar) and 0.9173 (27-Mar). Below that the Support is at 0.9150. We are holding a Long position.
AUD 10K Long at 0.9223, SL 0.9975 (up from 0.9165), TP 0.9278
See a range of Aussie Dollar charts at
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