Monday April 14, 2008 - 11:47:18 GMT
FX Thoughts for the Day - www.fxthoughts.com
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FX Thoughts for the day - Evening - 14-Apr-2008....1135 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
---------------------
USD-CHF @ 0.9946/0.9950....Bearish Biased
-----------------------------------------
R: 1.0000 / 1.0050
S: 0.9919 / 0.9900
Dollar-Swiss appears to be ranged sideways between 0.9900-0150 for the next few days. In the bigger picture, while the market trades below 1.0150-0200, there are still chances of an eventual fall towards 0.98 and lower in this week, as can be seen on
http://kshitij.com/graphgallery/chfcandle.shtml
During the day, the level of 0.9995 was broken and the pair has dipped. Now the immediate Support is at 0.9919, the statistically projected Max Low for the day.
It also comes on the trendline on the 4-Hourly joining the lows of 0.9637 (17-Mar) and 0.9904 (10-Mar). Below that the important Support is at 0.9900. On
the upside the Resistance is at 1.0000 and then at 1.0050. The pair is bearish biased.
GBP-USD @ 1.9821/25...Can rise towards 1.9900
---------------------------------------------
R: 1.9802 / 1.9840 / 1.9880-9910
S: 1.9747 / 1.9715-00 / 1.9652
There's been a decent rise in GBP-USD so far during the day. We went Long at 1.9700 and have been given profit by the market at 1.9800.
The overall picture is that the Support at 1.9650, as seen on the Weekly Line
chart, the second chart on http://www.kshitij.com/graphgallery/gbpma.shtml, has held. While this Support holds, there are increasing chances of a rise towards 1.9880-9910. Dips towards 1.9750 are now likley to be bought.
AUD-USD @ 0.9247/52...Sell rally
--------------------------------
R: 0.9263 / 0.9292 / 0.9325-45
S: 0.9210-00 / 0.9184 / 0.9135-25
The overall trend looks bearish for a fall towards 0.9130 after the Resistance
at 0.9350-65 held strong on Friday. Within that, the intra-day Support at 0.9200 mentioned in the morning has held so far and has moved up to the first intra-day Resistance level of 0.9240.
If the gains are sustained, the market could test higher Resistances between 0.9265-95. If that Resistance region does not hold, a further rally towards 0.9330 could be seen.
Limit Sell Order:
Sell AUD 10K at 0.9270, SL 0.9360, TP 0.9180
Happy Trading!
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