Friday March 12, 2010 - 13:20:12 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 12-Mar-2010 - 1237 GMT
USD-CHF @ 1.0601/04...Rounding Top
R: 1.0641 / 1.0671 / 1.0717
S: 1.0593 / 1.0560-47
Swiss fell. It has given in to the rounding top and is tradng near 1.0593, the projected max low for the day. The support near 1.0600 seems to be holding as of now, but a srtong break below this may see further fall towards 0.5953-32 in the US Session today.
On the upside, we may see it rising towards 1.0641 if it holds above 1.0593. The borader picture remains bullish and along with the Resistance-turned-Support level at the 55-DMA (1.0547) we might expect a bounce back towards 1.0850 in the days ahead
To see the Rounding Top on the daily candles click on the following link:
Limit Buy Order:
Buy USD 10K at 1.0560, SL 1.0480, TP Open
GBP-USD @ 1.5148/51...Immediate Resistance at 1.5200
R: 1.5200-30 / 1.5250 / 1.5300
S: 1.5130-00 / 1.50 / 1.4950-30
Cable has broken above the Resistance at 1.5100-30 region and is now trading higher. The Home price data release which showed the fastest pace of increase in the UK house prices in more than seven years supported the price rise. Immediate Resistance is seen in 1.5200-30 region which is expected to hold in the US session today. However, a break above 1.5230 might increase the chances of further rsie towards 1.5300.
On the downside Resistance-turned-Support is seen in 1.5130-00 region. A break below 1.51 might see 1.50 on the downside once again.
AUD-USD @ 0.9183/86...Holding Long
R: 0.9200 / 0.9239-53 / 0.9294
S: 0.9153 / 0.9108 / 0.9066-51
As per our expectaions, Aussie has moved up and is trading near the Resistance at 0.9200. We may see a break above the immediate Resistance level which may take it towards 0.9239, the projected max high for the day. On the downside we see 0.9153 as a good immediate Support and do not expect break below this today.
Overall we are bullish and may see 0.9350 in the days ahead.
AUD 10K Long at 0.9163, SL 0.9125, TP 0.9225
AUD 10K Long @ 0.9152, SL 0.9125, TP 0.9215
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