Thursday March 4, 2010 - 12:49:26 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 04-Mar-2010 - 1240 GMT
USD-CHF @ 1.0696/99...Buy dips
R: 1.0729-42 / 1.0754-75 / 1.0829
S: 1.0650 / 1.0625-04 / 1.0583
Swiss touched a high of 1.0732 and is trading below 1.0700 . We expect the Swiss to move up towards the immediate resistance at 1.0729-42 levels, a break above which may see further rise towards 1.0775, in the US session. A surge above 1.0775 looks unlikely during the day, however the overall picture is bullish and we may expect a rise towards 1.0850 in the days ahead.
In case of a fall, we see 1.0650 as a significant support level, a break below which may lead it towards 1.0624-04, however this movement seems rather distant today as the overall picture is bullish.
GBP-USD @ 1.5117/20...Might rise towards 1.5180-5200
R: 1.5177-81 / 1.5227
S: 1.5031-15 / 1.4952 / 1.4898
Cable has risen during the day and is now trading above the resistance at 1.51. If it continues to trade above 1.51, we might see further rise towards 1.5180-1.5200 in the US session today. The broader picture continue to remain bearish and we might expect a pull back from this Resistance in 1.5180-1.5200 region. Note that the projected Max-High for the day is 1.5177. On the other hand if the immediate Resistance at 1.51 continue to hold there are good chances of a dip once again towards 1.4850.
The BOE has left the interest rates unchanged at 0.50%.
Limit Sell Order:
Sell GBP 10K at 1.5170, SL 1.5260, TP 1.4850
AUD-USD @ 0.9030/33...100-DMA-Resistance at 0.9064
R: 0.9081 / 0.9159-66
S: 0.8982-60 / 0.8945 / 0.8902-8897
Aussie has not moved much since morning and is currently trading in the resistance region of 0.9015-32. A break above the current resistance may drive it towards the 100-DMA (currently at 0.9064) Resistance. It has been honuring the 100 DMA resistance for sometime now and we see a strong resistance near that region restricting the movement above that. A strong break above 0.9064-80 however, appears unlikely. Immediate Support is seen in 0.8982-60 region which if holds during the day might take the pair once again towards the 100-DMA Resistance. On the other hand a break below this region might see 0.8902-8897 on the downside.
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