Monday May 5, 2008 - 12:55:00 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 5-May-2008....1240 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 below
USD-CHF @ 1.0538/42...Support 1.0470, Resistance 1.0615
R: 1.0565 / 1.0615 / 1.0650 / 1.0706
S: 1.0470 / 1.0420-00 / 1.0380-60
Dollar-Swiss, like USD-JPY has moved up some 10.10% from its March low near 0.9637. There is an important Resistance 1.0615. While this Resistance holds, a dip towards intra-day Support at 1.0470 could be seen. IN CASE of a rise past 1.0615, a strong rally towards 1.0785 could be possible. Note that 1.0706 is the projected Max High for the Day.
GBP-USD @ 1.9674/78...Look to buy dip.
R: 1.9725 / 1.9785 / 1.9807-30
S: 1.9662 / 1.9622 / 1.9598-87
The Cable has come off during the day. From one point of view, the 1.9590-9950 range continues to hold. From another point of view, however, the Pound has run into selling everytime it has risen to and above 1.9900.
If you take a bullish stance, you can see there is good Support at 1.9700 on the Daily Chart at
In the morning, we had suggested waiting for a dip to buy. Ideally,one would like to buy near 1.9620, with a very tight Stop. Or, better still, it might be good to buy into a bounce from 1.9620. Below 1.9620, the projected Max Low for the day is 1.9587, but in case of a Day Close below 1.9620, there would be danger of a further fall.
Watching for the while.
AUD-USD @ 0.9411/15...Watch Resistance at 0.9430
R: 0.9428 / 0.9452
S: 0.9355-35 / 0.9300 / 0.9275
The Aussie had dipped to trendline Support on the Daily Candles at 0.9275 on Friday, but has bounced well from there. At the same time, there is an intermediate Resistance at 0.9428 on the same chart. Take a look at
Above the immediate Resistance at 0.9428, the more important Resistance for today is at 0.9452, the projected Max High for the day. In case the Resistance at 0.9452 breaks, the Aussie could rise further towards 0.9600 in the weeks ahead. If the Resistance at 0.9452 holds, a dip/ fall towards 0.9300 might be envisaged.
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