Wednesday March 24, 2010 - 13:08:04 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 24-Mar-2010 - 1230 GMT
USD-CHF @ 1.0705/08...Buy dips
R: 1.0700-10 / 1.0742 / 1.0804
S: 1.0664 / 1.0630-00 / 1.0590-70
Dollar-Swiss has risen sharply breaking above the Resistance at 1.0637-51 region. As mentioned earlier a strong break above 1.07 might see further rise towards 1.0800-50 in the coming days. On the other hand if 1.07 holds we might see a pull back once again towards 1.0600-1.0580 in the US session today. However, the broader picture continue to remain bullish with strong Suport at the 55-DMA (Currently at 1.0584) and any dip to 1.06 can be considered as a good buying opportunity.
Limit Buy Order:
Buy USD 10K at 1.0610, SL 1.0520, TP Open
Buy USD 10K at 1.0560, SL 1.0510, TP Open
GBP-USD @ 1.4916/19...Important Trendline Support at 1.4847
R: 1.5033-63 / 1.5100-30 / 1.5180-1.5200
S: 1.4847 / 1.4790
Cable tested the 1.50 once again the Asian session today and has come off from the high of 1.5019. Our view remains the same on the pair. The overall sentiment continue to remain bearish and a strong break below the immediate Support at 1.4940 might pull it further down towards 1.4847. As mentioned earlier, 1.4847 is a significant Trendline Support seen on the weekly candles. To see the Trendline Support on the GBP-USD weekly candles click on the following link:
On the upside, the Resistance at 1.5100-20 region which is expected to hold if a sharp rise above 1.50 is seen in the US session today.
AUD-USD @ 0.9105/08...Holding Longs
R: 0.9162-78 / 0.9226-50 / 0.9301-11
S: 0.9104-096 / 0.9064-50 / 0.9012-0.8981
As expected, Aussie has come down in the European Session today and is trading near the Support region of 0.9104-096. We may now see the pair rise to test the Resistance at 0.9162-78 in the US Session today, though, a sharp rise above it may not be seen today.
However, any sharp move on the downside may pull the pair below the immediate Support region of 0.9104-0.9096 to test the Support region of 0.9064-50, but that may be momentary followed by a rally towards 0.9150-200 in the coming sessions over today and tomorrow.
Overall, Aussie may continue to consolidate between 0.9050-9250 over this week before a break on the either side is visible.
AUD 10K Long @ 0.9120, SL 0.9050, TP 0.9190
AUD 10K Long @ 0.9100, SL 0.9030, TP 0.9170
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