Monday April 28, 2008 - 13:41:01 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 28-Apr-2008....1335 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.0356/60....Support at 1.0300
R: 1.0370-80 / 1.0400 / 1.0475
S: 1.0300 / 1.0250-30 / 1.0193-88
The intra-day Support at 1.0300 has held, and could possibly lead to a small rally towards 1.0400 (with an outside chance of 1.0471, the Max High for the day). However, if a move above 1.0375 is not sustained a fall towards 1.0200 could be seen over the next couple of days.
For a longer term outlook, we repeat our Morning comments:
Dollar-Swiss moved up well last week, from 1.0000 to 1.0431 and has come off slightly from there. An important Resistance is available in the 1.0400-30 region, falling on the Red trendline on the Daily Candles, as seen on
While this Resistance holds, a small dip towards 1.0200 could be seen this week, which may/ may not extend deeper towards 1.0100. Alternatively, a rise past 1.0470, if seen, could take the market up towards 1.0520.
GBP-USD @ 1.9889/93...Range 1.9950-9650
R: 1.9940-50 / 1.9980-2.00 / 2.0050
S: 1.9840 / 1.9800 / 1.9750
After facing Resistance at 1.9939 in the day Cable is currently trading below the 1.99 mark. If this Resistance in the region of 1.9940-50 holds and curbs any further rise towards 1.9980-2.00 (the bigger and more important Resistance), it could possibly lead to a test of 1.9650 over the week. A break above 1.9950-80 is very important to bring about a bullish direction to the currently ranged pair and could lead to a rise towards 2.00
AUD-USD @ 0.9368/72...Watch Support at 0.9330
R: 0.9405 / 0.9441
S: 0.9365 / 0.9326 / 0.9300
The Resistance at 0.9400 mentioned in the morning has held after being tested and the Aussie has come off from there. For now, given that the Resistance has held, there could be chances of a dip towards 0.9340-30.
That, then, would be a crucial Support and if it holds, we could see the market move up towards 0.95 later in the week. Else, on a break below 0.9300, a further dip towards 0.9270 could be seen. A Long may be considered near 0.9330, with a SL below 0.9260, aiming for 0.9450-9500.
Looking at the bigger picture, the Weekly closing chart, the market seems to be setting up for an explosive move, either up towards 0.9600-9800 or down towards 0.9200-9000 in May. Take a look at the following page
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