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Monday April 21, 2008 - 12:32:05 GMT
FX Thoughts for the Day - www.fxthoughts.com

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FX Thoughts for the day - Evening - 21-Apr-2008....1227 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
---------------------

 


GBP-USD @ 1.9864/68...Choppy
R: 1.9900 / 1.9960 / 2.0030
S: 1.9800 / 1.9760
After the nice rally last week, GBP-USD has fallen sharply mid-day today, to give
up most of its previous gains. The Pound fell on news of the Bank of England unveiling a new package to help banks on their mortgage backed securities. Now the pair is likely to be choppy over the next few days, possibly within 1.9600 and 2.0030. We entered a Long at 1.9950 during the day and were stopped out at 1.9860.

The BIG Resistance above 2.0030 would come in at 2.0175 and falls on the trendline shown at http://www.kshitij.com/graphgallery/gbpcandle.shtml

For today now the immediate Resistance would come in at 1.9900 and then at 1.9960. On the downside the Support is seen at 1.9800 and then at 1.9760. We don’t have any trades/orders currently.


 
USD-CHF @ 1.0095/99.... Bullish for the week.
R: 1.0140 / 1.0200 / 1.0250
S: 1.0080-70 / 1.0044 / 1.00
USD-CHF has seen a slip to 1.0101, and even lower in the day. A further slip beyond
1.0080-70 may not be seen in the day, now. A bounce to 1.0140 has already been seen, but the market has again come off a bit from there. However, 1.0140 is likely to break sooner than later. The next Resistance to watch out for then would be 1.0170 and 1.0200.

A test of 1.0044, the Max Low for the day is also possible in the day. The Support in the region of 1.0080-70 seems strong enough to hold.

With a corrective rally as high as 1.0285 seen on Friday the momentum for this week would be moderately bullish. On the weekly chart, a rise towards 1.04 seems possible within the week.

We would like to play from the Long side but want to watch the market tonight. A possible trade might be to buy at 1.0055, SL 0.9965, TP 1.0140. However, we are not placing an Order since we are holding Long positions in USD-JPY.
 


AUD-USD @ 0.9427/32...Support at 0.9360
R: 0.9437-40 / 0.9480 / 0.9502
S: 0.9400 / 0.9360
AUD-USD has had a nice move above 0.9400 during the day and a sustained move above
this level could see further rally over the next 24-36 hours, possibly towards 0.9502, which is the highest level for the pair since Mar-1984 and was tested on 28-Feb-08. For today the initial Resistance comes in at 0.9437, the statistically projected Max High for the day. See the latest chart at
http://www.kshitij.com/graphgallery/audcandle.shtml.

On the downside the Support is at 0.9400 and then at 0.9360. There needs to be a break below the latter to question the current break above 0.9400. The bias at the moment is bullish.

 

Happy Trading!

 

 

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