Friday March 5, 2010 - 12:25:15 GMT
FX Thoughts for the Day - www.fxthoughts.com
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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.
Happy Trading!
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