Monday March 8, 2010 - 12:43:59 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 08-Mar-2010 - 1243 GMT
USD-CHF @ 1.0715...Buy dips
R: 1.0727-53 / 1.0767-81 / 1.0854
S: 1.0680 / 1.0647-37 / 1.0541-64
Swiss bounced back from the Support of 1.0677 mentioned in the morning and has traded in the range of 1.0675-730 in the Asian Session today. It has an immediate Resistance in the region of 1.0727-53 a break above which may lead it towards 1.0767-81. On the downside, immediate Support is seen near 1.0680, which may be honoured during the US Session.
Overall, we expect a movement within a range of 1.0650-1.0781 in the US Session today, with higher chances of a move towards the upper end of this range.
The SNB Meeting is scheduled on Thursday, we expect a movement in the range of 1.0650-850 till then. However, a break above the 100 Week MA (1.0850) will render it further bullish in the days ahead.
Limit Buy order:
Buy USD 10K @ 1.0650, SL 1.0560, TP open
GBP-USD @ 1.5141...Immediate Support at 1.51
R: 1.5200 / 1.5245-75 / 1.5300-30
S: 1.5100 / 1.5045 / 1.500-1.4975
Cable failed to see a break above the immediate Resistance at 1.52 during the day and continue the Friday's upside momentum therby reducing the chances of a rise towards 1.5300-30 that we had mentioned in the morning edition. Immeidate Support is seen at 1.51, a break below which might see further downmove towards 1.5000-1.3975 which is significant Support region seen on the downside. While the immediate Support at 1.51 holds, the Resistance at 1.52 might be tested once again in the US session today. As mentioned in the morning commentary, if it continues to trade above 1.51, there are good chances of a break and further rise towards 1.5300-30 over the next few days.
AUD-USD @ 0.9106...Resistance near 0.9180-0.9200
R: 0.9180-0.9200 / 0.9262 / 0.9294
S: 0.9062-39 / 0.9022-01 / 8992-62
Aussie has not moved much since morning, and so our view remains the same as mentioned in our morning commentary, and is mentioned below:
" Aussie has closed higher in the US session last friday breaking the 100 DMA (0.9064) and the 21 Week MA (0.9044). It has continued its upmove in the Asian Session today and is expected to be bullish during the current and the next week. Immediate Resistance is seen near 0.9180-0.9200 region, we may expect this movement in the US Session later today. A break above 0.9200 may take it to the next Resistance level at 0.9262 in the coming sessions.
On the downside 0.9062-39 is seen as a Support region which is expected to be honoured during the day."
AUD 10K @ 0.9107, SL 0.9020, TP 0.9180
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