Friday March 5, 2010 - 12:25:15 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 05-Mar-2010 - 1224 GMT
USD-CHF @ 1.0769...100-Week MA Resistance at 1.0840
R: 1.0829-58 / 1.0914
S: 1.0752-39 / 1.0673 / 1.0624-15
Swiss traded in a range of 1.0751-80 in the Asian Session today. The pair was trading just above the Resistance region of 1.0770-75 (mentioned in the morning), but has not been able to strongly break above it. We see greater chances of the pair testing the immediate Resistance region of 1.0829-58. The pair has tested the 100 Week MA (1.0840)i n the past 4 weeks. Today being the last trading day, it needs to be seen whether the pair closes above or below it.
On the down side 1.0752-39 is a significant Support, a break below might see the pair test the next Support level at 1.0673 region. However a fall below the immediate Support (1.0752-39) seems unlikely.
GBP-USD @ 1.5037...Narrowly ranged with bearish bias.
R: 1.5055 / 1.5100-35 / 1.5180-1.5200
S: 1.5000 / 1.4915 / 1.4866
Cable is trading in a very narrow range of 1.5005-55. Our view remains the same on the pair. The broader picture is bearish with a strong immediate Resistance in 1.5100-35 region. A break above this Resistance region might see a rise towards 1.5180-1.5200 in the US session today. On the downside Support is seen at 1.50 a break below which might see further dip towards 1.4850-00.
AUD-USD @ 0.9030...100-DMA-Resistance at 0.9063
R: 0.9086/ 0.9159-66
S: 0.9008-8987 / 0.8979-74 / 0.8948-18
Aussie has moved up to 0.9030 in the Asian session today. The pair has continued to be ranged between 100-DMA Resistance (0.9063) and 0.8980, and is expected to retain this range during the US session today. A breakout on either side of this range will determine the further direction of move. The US NFP data is due today which will be watched closely by the markets.
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