Friday July 4, 2008 - 11:51:28 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 4-July-2008....1145 GMT
EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
The US is closed today celebrating their Independence Day. The market currently has minimal volatility. The majors have remained steady all through the day, trading within a range of 50 pips, the only exception being EUR-JPY, which was a little more volatile than itâ€™s counterparts.
Cable continues to trade between the 200-day SMA (1.9982) and the 100-day SMA (1.9784). The picture is unclear from here as long as the Resistance near 1.9985-2.00 and Support at 1.9800-784 hold. A break of either is necessary to anticipate further direction of the market.
Swissy also has been steady today, after it broke past the Resistance at 1.0232 yesterday. For now the important levels to watch out for are 1.0230-200 on the downside and 1.0300-30 on the upside.
Aussie has been steady building slowly on the Support coming up from 0.9580. However, it is approaching the Resistance at 0.9625-35, which forms the top of the range (0.9520-0.9635).
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