Thursday March 18, 2010 - 12:48:48 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 18-Mar-2010 - 1240 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 @ 1.0583/86...Buy dips
R: 1.0650 / 1.0679-99 / 1.0713-42
S: 1.0561 / 1.0536 / 0500-471
Contrary to our expectations, Swiss has moved up and is trading near 1.0600 levels. We see chances of a rise towards the immediate Resistance at 1.0650, if it holds, it may pull the pair towards 1.0550 in the next few session over today and tomorrow. However a break above the immediate Resistance (at 1.0650) may result in further upmove towards 1.0850 in the days to come.
Overall we expect the pair to be ranged between 1.0650 (on the upside) and 1.0500 (on the downside) for a couple of days, before a rise towards 1.07-08 in the next few days.
Limit Buy Order:
Buy USD 10k @ 1.0530, SL 1.0440, TP Open
GBP-USD @ 1.5291/94...Mixed
R: 1.5300-25 / 1.5360-80 / 1.5435
S: 1.5260 / 1.5202-1.5189 / 1.5164-44
Failure to sustain on the downside after breaking below the Support at 1.5260 and failure to continue with the bounce back seen from the day's low of 1.5239 above 1.53 is keeping the pair mixed with 50-50 chances of moving on either side in the US session today. On the downside a break below 1.5260 might pull it down towards 1.52. On the upside Resistance is seen in 1.5360-80 region which might be tested on a strong break above 1.53.
AUD-USD @ 0.9224/27...Resistance at 0.9250
R: 0.9239-50 / 0.9274-81 / 0.9294-305
S: 0.9168-65 / 0.9143-27 / 0.9104-086
Aussie may move up to test the Resistance region of 0.9239-50 in the US Session today. We expect the immediate Resistance (0.9239-50) to hold (0.9250 is a trendline Resistance on our 3-day candles), still a break above this may take it towards the next Resistance region of 0.9271-84.
We do not expect much on the downside but some selling pressure on the pair may see it test the Support region of 0.9168-65 in the US Session today. We expect it to be ranged between 0.9165-0.9250 for some time.
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 AUD-USD candles click on the following link:
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