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Tuesday September 23, 2008 - 11:50:16 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 23-Sep-2008 -1146 GMTEURO, 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 @ 1.0784/89... Support at 1.09 broken
R: 1.0800 / 1.0850-65 / 1.0900 / 1.0945
S: 1.0750 / 1.0700 / 1.0640 / 1.0600
The pair did see a rise during the day as suggested in our reports earlier in the day. 1.0856, was tested on the upside and facing Resistance there the pair has slipped once again.
The day ahead could see the pair slipping to test the Support at 1.07 and if the Support at 1.07 gives way, a dip towards 1.0600-585 could be seen as well. However, owing to the fact that 1.0713 is the Max Low for the day, the Support is expected to hold for the day atleast.
Overall the pair could be pressured below 1.07 and target 1.0500 for now.
GBP-USD @ 1.8577/81... Could target 1.8750
R: 1.8600 / 1.8650 / 1.8675 / 1.8725-50
S: 1.8520-00 / 1.8450-33 / 1.8400 / 1.8375
Finding Support at 1.85 the Cable has manages to trade higher today and could now challenge the Max High for the day at 1.8738 during the US session later in the day.
The pair has broken above the important Resistance at 1.8490-8500 and could now target the 50% retracement of the fall from 2.0150 to 1.7445 at 1.8811. However, there is also another important Resistance at 1.8750 that might not be broken with ease. To see the charts click on: http://www.kshitij.com/graphgallery/gbpma.shtml
The week ahead does not see any major economic data from UK and this could work in favour of Cable.
Limit Buy Order:
Buy GBP 10K at 1.8480, SL 1.8430, TP 1.8710
AUD-USD @ 0.8436/39.... Bullishness intact
R: 0.8450-70 / 0.8494-516 / 0.8549 / 0.8589-98
S: 0.8413 / 0.8385 / 0.8349
The support at 0.8380 levels has been tested but could not be breached during the day. This could see the pair consolidate between 0.8380-0.8520 during the US session.
On the weekly chart, the pair is trading below an important Resistance at 0.8495. Once this is broken past, it looks headed to acheive the 38.2% retracement of the fall from 0.9851 to 0.7801 at 0.8589.
Overall, the sentiment last week seems to have turned bullish and is expected to continue for the next couple of weeks with resistance at 0.8589. The daily chart is also indicating strong bullish bias. To see the chart of Aussie click on: http://www.kshitij.com/graphgallery/audcandle.shtml
Long AUD 10K at 0.8419, SL 0.8350, TP 0.8520
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