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Monday June 16, 2008 - 12:40:07 GMT
FX Thoughts for the Day - www.fxthoughts.com

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FX Thoughts for the day - Evening - 16-June-2008....1205 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
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
---------------------

 

USD-CHF @ 1.0425/28.... Holding Long
--------------------------------------
R: 1.0535 / 1.0550-60 / 1.0625
S: 1.0425 / 1.0390
As it turns out, the intra-day profit-taking was pretty strong, bringing Dollar-Swiss down from an intra-day high near 1.0520. We ought to have waited to buy into a dip rather than buying at the market. The immediate Support at 1.0425 needs to hold now to prevent further intra-day damage. However, keep an eye on 1.0390, the 21-week MA, which had been broken on a Closing basis last week, and ought to be a decent Support today. If the Support holds, and the market moves back up above 1.0465, we might consider adding onto our Long position.

A break below 1.0390, if seen, would be frustrating for Dollar-Bulls.

Holding:
USD 10K Long at 1.0480, SL 1.0420, TP Open
 


GBP-USD @ 1.9631/34 ...Resistance at 1.9650
------------------------------------------------
R: 1.9635-50 / 1.9675-80 / 1.9725
S: 1.9575 / 1.9550 / 1.9500
As per expectation, the Cable has rallied beyond 1.96, registering a high of 1.9648 in the day. For now, it is expected to trade below 1.9650, an intra-day Resistance. A rally beyond 1.9650 is not expected before a slight correction to 1.9575 is seen.

In case there is a further rally beyond 1.9650, it is expected to face Resistance near 1.9675-1.97 and 1.9725.


 
AUD-USD @ 0.9398/9402 ...Selling Pressure
-----------------------------------------
R: 0.9415-25 / 0.9440 / 0.9500-25
S: 0.9375 / 0.9335 / 0.9213
Aussie has not been able to surpass the 0.94 level with conviction for a rally beyond and is constantly being faced with Resistance on levels beyond 0.94. This has lead to a consolidation between 0.9360-0.9410 in the last few hours. A break beyond 0.9415 could lead to a rise to 0.95. Further selling pressure would indicate the possibility of a fall to test the Support at 0.9325.

In the big picture, the big trendline joining the Lows of 0.7674 (Aug-07) and 0.8511 (Jan-08) is still holding and provides Support near 0.9321.

Limit Buy Order:
Buy AUD 10K at 0.9337, SL 0.9307, TP 0.9497

 

 

Happy Trading!

 

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