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Friday May 15, 2009 - 12:27:49 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 15-May-2009 - 1215 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 @ 1.1122/25...Ranged
R: 1.1130 / 1.1170-80 / 1.1213
S: 1.1061 / 1.0980-54 / 1.0784-65
Dollar-Swiss continued to trade comfortably within the range. Buy on dips and sell on highs continues to be the right thing till the range is not breached. On the upside, the 8-DMA and 55-week MA provides good Resistance while the Support which has held over the last few days has been 1.0980. We continue to maintain the view that: "break on the upside is likely to find next Resistance at 1.1170 whereas the next prominent Support is only available near 1.07-08". TO see the chart of Swiss, click on: http://www.kshitij.com/graphgallery/chfcandle.shtml#candle
Limit Sell Order:
Sell USD 10K at 1.1125, SL 1.1140, TP 1.1050
GBP-USD @ 1.5183/85...Mixed
R: 1.5200 / 1.5336 / 1.5550
S: 1.5054 / 1.4938 / 1.4901
Cable has dipped during the day towards 1.5133 but is likely to take Support near 1.51 and the range of 1.51-1.53 is likely to be honoured during the day. Though it has dipped below the 8-DMA but as we had mentioned in the morning, that unless the 21-DMA at 1.4911 is broken past the pair looks likely to move towards the upper end of the channel over a medium time frame. Inability to hold above could increase chances of 1.45. To see the chart and the channel, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle
AUD-USD @ 0.7524/26...Support at 0.7475
R: 0.7592 / 0.7677 / 0.7901
S: 0.7477-75 / 0.7399 / 0.7367
Aussie fell below the 8-DMA Support at 0.7578 and also below the Support that we were eyeing at 0.7560 after the Resistance region of 0.7596-0.7613 could not be broken past. It could now be treading towards 0.7475 over the US session. But if it manages to rise towards 0.77, we would go Short.
AUD 10K Short at 0.7536, SL 0.7565, TP 0.7507
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