Wednesday April 9, 2008 - 13:49:19 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day
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
USD-CHF @ USD-CHF @ 1.0120/24...Calm before storm
R: 1.0170 / 1.0210 / 1.0234
S: 1.0096 / 1.0050 / 1.0016
Dollar-Swiss is trading in a narrow range of 1.0096-1.0170, which is just a precursor to an upcoming blow-out move. The blowout can take the market either up towards 1.0320 (enroute higher) or down towards 0.99 (enroute lower) going into next week. There is an imporant Resistance at 1.0210 on the Weekly Charts and at the same time, an important Support at 1.0015 on the Daily Candles.
Which one will break is difficult to say at the moment.
GBP-USD 1.9708/12...In the middle now
R: 1.9735 / 1.9785-95 / 1.9825
S: 1.9700 1.9650 / 1.9584 / 1.9509
The Support at 1.9650 mentioned in the morning has held so far and the Pound has moved up to test the Resistance at 1.9735, which is holding for the while. Above 1.9735, the really imporant Resistance is at 1.9785-95. It is now a bit of 50-50 as to whether the market will move up towards 1.9785 or fall back towards 1.9650 and try to break it. While below 1.9785, in the bigger picture, a fall towards 1.95 is still possible as per the Weekly Candles. Please take a look at
With the Bank of England meeting due tomorrow, the market might want to take the Pound lower (further discounting a 50bp cut) before buying it back. No immediate trades.
AUD-USD @ 0.9280/84...Resistance 0.94, Support 0.92
R: 0.9310-25 / 0.9350 / 0.9382 / 0.9406
S: 0.9260-52 / 0.9215 / 0.9198
The Aussie has again tested the 0.9325 Resistance during the day, but has been unable to break it. There is further Resistance at 0.9350. While these hold, a corrective dip towards 0.9220 is possible, which could have chances of translating into a deeper decline towards 0.9100.
However, in case of a rise past 0.9350, look for a test of 0.9400, an important intermediate Resistance in a longer-term upmove.
This Resistance can be seen at
Limit Sell Order:
Sell AUD 10K at 0.9342, SL 0.9422, TP 0.9282
Limit Buy Order:
Buy AUD 10K at 0.9220, SL 0.9130, TP 0.9369
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