Wednesday April 30, 2008 - 12:24:20 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 30-Apr-2008....1217 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 @ 1.0381/85... Upside more favoured
R: 1.0400 / 1.0465 / 1.0500
S: 1.0350 / 1.0300 / 1.0270-60 / 1.0230
The Resistance at 1.04 has been tested again in the day and has held once again. The overall view remains same as in the morning. If the tight range 1.03-04 broken on the upside could target 1.05. In case of a break below 1.03 we could see a dip to 1.0250. The chances of a fall below 1.0260 are less, however if seen, it could target 1.0220-17, the Max low for the day.
A cautious buy on a dip to 1.0270-60 could be considered. We could also consider going Long only on the break above 1.04, but with the FOMC scheduled later in the US session, volatility could go against us.
GBP-USD @ 1.9665/70.. Holding Long
R: 1.9700-20 / 1.9745-55 / 1.9815
S: 1.9620-10 / 1.9598 / 1.9525
The Pound fell to near 1.9625 during the day (below the 1.9650 Support mentioned in the morning), bounced from there to 1.9701 and is currently trading just above 1.9650.
Resistance will be faced at 1.9700-20. A move beyond 1.9700 could trigger a bigger rally from thereon towards 1.9850 over today and tomorrow. For now the Support is at 1.9610-20. A break below that could target 1.9525.
Long GBP 10K at 1.9680, SL 1.9605, TP 1.9770
AUD-USD @ 0.9353/57... Holding Long
R: 0.9379 / 0.9406
S: 0.9326 / 0.9293
The Aussie seems to have built decent Support in the 0.9326-9293 region. If and while this holds (it might), an upmove towards 0.94+ could take place. NOTE, however, that a rise past 0.9370-80 would be needed to bring further confidence to the currently fledgling bullishness. IN CASE there is a fall below 0.9293, a further decline towards 0.9250 could take place.
AUD 10K Long at 0.9307, SL 0.9290, TP 0.9378
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