Thursday April 10, 2008 - 13:17:05 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 10-Apr-2008....1315 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 given
GBP-USD @ 1.9816/20...Can rise towards 1.9900
R: 1.9898 / 1.9950 / 2.00
S: 1.9800 / 1.9750 / 1.9650
Amidst much talk about the 50bps rate cut that the market had anticipated and priced in, a cut of only 25bps has bought some strength into the Cable.
To see the BOE interest rate chart click on
Resistance is now seen at 1.99 and at 1.9950 on the 4-hrly chart. There is high possibility of Cable testing the Max High for the day at 1.9898. Support is now seen at 1.9800, 1.9750. The strongest Support is 1.9650, which was tested yesterday.
EUR-GBP can come down towards 0.7940 on profit-taking on Longs.
Market Trade (at time of writing):
Sell EURGBP 10K at current level of 0.8006/10, SL 0.8060, TP 0.7960
USD-CHF @ 0.9913/17...0.99 broken in the day
R: 0.9955-75 / 1.0025 / 1.0067
S: 0.9878 / 0.9800
The pair has seen a crash of over 280 pips in the last 72 hrs. With the ECB keeping rates on hold and Euro looking bullish and already hitting a high of 1.5913 in the day, the negative correlation between EURUSD and USDCHF could lead the pair to further lower levels.
The statistically projected Max Low for the day is 0.9879, which has been tested once in the day (0.9888 was the low seen). Further downside below it would be less likely in the day, however, 0.9800 would directly come into picture once a break below the Max Low (0.9888) is seen.
Resistance is seen in the region of 0.9955-75, a break above this could lead to a test of 1.0000.
AUD-USD @ 0.9334/37...See 0.9400 if 09350 Resistance broken
R: 0.9350 / 0.9405
S: 0.9311 / 0.9290
The Aussie has been very quiet today, trading between 0.9292 on the downside and 0.9350 on the upside. The Resistance at 0.9350 has acquired some importance now.
While that holds, a fall back towards 0.9150 could be seen. In case the Resistance is broken, a test of stronger Resistance at 0.9405 could be seen from where a decline towards 0.9150 could begin.
For our chart readings, please click on
During the day, our Short at 0.9342 saw profit at 0.9312.
Limit Sell Order:
Sell AUD 20K at 0.9400.
SL 0.9445, TP 0.9360 on AUD 10K,
SL 0.9490, TP 0.9200 on the balance 10K
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