Wednesday March 3, 2010 - 12:15:22 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 03-Mar-2010 - 1213 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 @ 1.0728/33...Immediate Support at 1.07
R: 1.0780-1.08 / 1.0843 / 1.0904
S: 1.07 / 1.0650-30 / 1.06
Swiss has fallen from the day's high of 1.0763 and is continuing to trade lower. Our view remains the same on the pair.
In the near term we might expect a break below 1.07 and see a downmove towards 1.0650-00 which is a significant Support region seen on the downside. However, the broader picture continue to remain bullish and we might see a bounce back from this Support region (1.0650-00) towards 1.0850-1.0900 once again in the coming days.
Limit Buy Order:
Buy USD 10K at 1.0645, SL 1.0555, TP Open
GBP-USD @ 1.5052/55...Resistance near 1.51
R: 1.5058 / 1.5112 / 1.5225
S: 1.4981-66 / 1.4921-4898 / 1.4806
The Cable has ranged between 1.4970-1.5070 during the day. The Resistance near 1.51 has been holding strong so far and may continue to be honoured during the US session as well which could bring the market down towards 1.4900-4850 over today/ tomorrow. If, however, this Resistance were to break, one would have to be prepared for 1.52-53 over the next couple of days.
The pair is however overall bearish. A break below 1.4750 (which does not look likely immediately) may find important Support near 1.4580 next and at 1.4350 (76.4% retracement of the rise since Jan '09) thereafter.
AUD-USD @ 0.9024/28...100-DMA Resistance at 0.9066
R: 0.9066 / 0.9130 / 0.9180
S: 0.9000 / 0.8950-30 / 0.8900-0.8880
Aussie has fallen during the day. The 100-DMA (currently at 0.9066) is continuing to retain the downside pressure. However, a break below the immediate Support at 0.90 was not seen during the day. While 0.90 continues to hold, the 100-DMA Resistance can be tested once again in the US session today. As mentioned earlier, a strong break above the 100-DMA might increase the chances of further rise towards 0.9180-0.9200. Note 0.9130 is the immediate Resistance seen above the 100-DMA.
On the other hand a break below 0.90 might see 0.8950-30 on the downside.
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