Tuesday March 16, 2010 - 12:35:28 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 16-Mar-2010 - 1232 GMT
EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.0590/93...Strong Support at 1.0554
R: 1.0622 / 1.0654 / 1.0685-700
S: 1.0554 / 1.0500-487 / 1.0400
Swiss has fallen below 1.0600 in the European Session and we may see the pair test the strong Support level at 1.0554 in the US Session today. We have a difference of opinion here in the dealing room over the further movement of the pair after it touches 1.0550. The 2 views are as follows:
1) The pair will test the strong Support at 1.0554 and bounce back, resuming the upmove, and
2) The pair wil give in to the Rounding top to fall towards 1.0400.
In light of the conflict we decide to remove the buy order placed at 1.0560 and choose to wait and watch.
GBP-USD @ 1.5130/33...Resistance at 1.52
R: 1.5190-1.5200 / 1.5235-55 / 1.5300
S: 1.5100-1.5075 / 1.5020-00 / 1.4930
After breaking below the Support at 1.50 and recording a low of 1.4975, Cable has bounced back sharply and is now trading higher above 1.51. If it continues to trade above 1.51 we might see further rise towards 1.5200-20 in the US session today. The broader picture continue to remain bearish and we might see a pull back from 1.52 in the US session today once again towards 1.50.
As mentioned earlier 1.50 is a very significant immediate Support on the downside a break below which might see 1.5920-00 in the coming session and might also increase the chances of further dip towards 1.4825 which is the significant Trendline Support level seen on the 3-day as well as the weekly candle chart. To see the Trendline Support on the GBP-USD candle chart click on the following link: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle
Limit Sell Order:
Sell GBP 10K at 1.5180, SL 1.5260, TP Open
AUD-USD @ 0.9141/44...Resistance at 0.9195
R: 0.9165-95 / 0.9217-48 / 0.9295
S: 0.9129 / 0.9086 / 0.9034
Aussie is trading in the range of 0.9095-0.9195 from the past few days. It may test the immediate Resistance region at 0.9165-95 in the US Session today, however a break above this looks less likely.
On the downside, it has an immediate Support at 0.9129, a break below which may take it towards the important Support level at 0.9086.
Overall we expect a movement in the range of 0.9129-95 in the US Session today.
In the broad picture, we see some upside on the pair on a break above 0.9195 which may see it rise towards the strong Resistance region of 0.9200-300.
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