Wednesday March 17, 2010 - 12:39:39 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 17-Mar-2010 - 1226 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 @ 1.0541/45.. .Cautious: Support near 1.0485-71
R: 1.0556 / 1.0596 / 1.0650
S: 1.0485-71 / 1.0452-32 / 1.0381
Swiss looks bearish and may fall towards the immediate Support region of 1.0485-71 in the US Session today. A break below this may take it towards the next Support region of 1.0452-32. However, we see more chances of the immediate Support (1.0485-71) holding.
We do not see much upside on the pair today. However, a rise past 1.0556 may take the pair up towards the next Resistance level at 1.0596.
In the coming weeks, we expect a movement in the range of 1.0400-700 on the pair.
GBP-USD @ 1.5326/31...Resistance at 1.5380-1.54 region
R: 1.5380-1.54 / 1.5435 / 1.5463-75
S: 1.5300 / 1.5250-35 / 1.5200
Cable has risen sharply breaking above the Resistance at 1.5270 following the unemployment data release which showed an unexpected drop in unemployment benefit claims of 32,300 against the expected rise of 6,000. We got stopped out of our short position during the process of this rise losing 80 pips. Resistance is seen at 1.5380-1.54 region. A strong break above this Resistance region might see further rise towards 1.5550-1.56 in the coming days. However, if it fails to see a break above 1.54 we might see a pull back once again towards 1.52 in the coming sessions.
AUD-USD @ 0.9227/30...Resistance at 0.9217
R: 0.9239-65 / 0.9295-305 / 0.9357
S: 0.9194 / 0.9148 / 0.9086
Aussie is trading above the Resistance level at 0.9217 (mentioned in the morning) and may head towards the next Resistance region of 0.9247-65 in the US Session today. A break above this may take it towards the strong Resistance region of 0.9295-305 in the coming sessions. We still do not see much downside on the pair, but a fall may be supported at 0.9194 and there are less chances of a break below this.
In the near future, a surge above 0.9305 may take it towards a channel Resistance at 0.9350, a failure to break above which may again bring it down towards 0.9000. To see the channel on the AUD-USD link click on the following link:
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