Friday February 26, 2010 - 12:05:59 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 26-Feb-2010 - 1204 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 @ 1.0768/71...Support in 1.0720-00 region
R: 1.0800 / 1.0837 / 1.0882
S: 1.0720-00 / 1.0650-30 / 1.0600
Swiss is continuing to trade below 1.08. Support is seen in 1.0720-00 region which is expected to hold in the US session today and we expect the current upmove to continue. Note that the 21-DMA Support is at 1.0714 and the projected Max-Low is also 1.0714. We might expect a bounce back once again towards 1.0830-50 from this Support region (1.0720-00). On the other hand a strong break below 1.0700 might pull it down towards 1.0650.
Last week, Swiss closed below the 100-Week-MA (1.0837) after breaking above the 100-Week-MA and testing the 21-Month (1.0882) in the intra-week trades. This week also the 100-Week-MA was broken and the 21-Month-MA was tested in the intra-week trades. Today's close might play a significant role in the further direction of move for next week.
Limit Buy Order:
Buy USD 10K at 1.0725, SL 1.0635, TP 1.0920
GBP-USD @ 1.5221/24...May be ranged rest of the day
R: 1.5269 / 1.5325 / 1.5375-77
S: 1.5200-1.5175 / 1.5056
The Cable has been ranged through the day. It did spike above 1.53 during the day, but has come down thereafter. Upside is likely to be limited by the 55-MA on the 1H which is at 1.5334 during the day. Today being the last trading day of the week & month, the pair may want to maintain status quo and continue to trade sideways neither breaking above 1.5335 nor come down sharply below 1.5160. The Projected Max High and Low for the day is at 1.5375 and 1.5175 respectively.
But overall the pair looks bearish with next immediate target of 1.50 which may be open for a test next week. The weekly candles suggest a double top pattern which is pressing the pair lower.
AUD-USD @ 0.8890/94...Resistance in 0.8950-70 region
R: 0.8950-70 / 0.9000-20 / 0.9041
S: 0.8865 / 0.8800-0.8780 / 0.8735
Aussie is trading in a range of 0.8870-0.8920. Though the 21-DMA (currently at 0.8865) is continuing hold, the pair is not showing much strength on its upmove to see a sharp move above 0.89 which is still keeping up the overall downside pressure. The Resistance in 0.8950-70 region mentioned earlier is expected to hold in the US session today. A strong break below the 21-DMA Support (0.8865) might see a downmove towards 0.8800-0.8780 in the US session today. As mentioned earlier, there are good chances of revisiting the 200-DMA (currently at 0.8673), which is the significant Support level to watch for on the downside.
Limit Sell Order:
Sell AUD 10K at 0.8960, SL 0.9050, TP Open
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."