Thursday March 25, 2010 - 12:45:35 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 25-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 @ 1.0693/96...Buy dips
R: 1.0730 / 1.0779-96 / 1.0829-54
S: 1.0683-74 / 1.0600 / 1.0573-69
Dollar-Swiss has come down in the Asian and the European Session today and is now trading near the crucial 1.07 figure. We may now see some upmove towards the immediate Resistance at 1.0730, a break above which may push it towards the next Resistance region of 1.0779-96 in the US Session today.
Though we see less chances of an immediate downmove, an immediate dip may see the pair test the Support of 1.0683-74 in the US Session today.
Limit Buy Order:
Buy USD 10K @ 1.0670, SL 1.0590, TP 1.0750
Limit Sell Order:
Sell USD 10K @ 1.0820, SL 1.0890, TP 1.0740
GBP-USD @ 1.4926/29...Immediate Resistance at 1.50
R: 1.5000-30 / 1.5080 / 1.5100-20
S: 1.4847 / 1.4790 / 1.4759
Cable has bounced back from the low of 1.4854 following the data release that showed an unexpected increase in the UK retail sales. If it continues to retain the current upside momentum, a strong break above 1.50 might see 1.5100-20 on the upside in the US session today. However, the broader picture continue to remain bearish and we expect the current rally to be short lived.
WILL IT BE A HEAD AND SHOULDER CONTINUATION PATTERN ???
We see significant Resistance at 1.5180-1.5200 region. A rise towards this Resistance region (1.5180-1.5200) over today/tomorrow and a pull back from 1.52 would result in the formation of the right shoulder of the rare occurance of Head and Shoulder as a continuation pattern. But, it is too early to give a call on this and a rise to 1.52 is possible only if a strong break above the immediate Resistance at 1.50. However, a rise to 1.52 if seen can be taken as a good opportunity to sell. To see the GBP-USD graph click on the following link:
Limit Sell Order:
Sell GBP 10K at 1.5180, SL 1.5260, TP Open
AUD-USD @ 0.9128/31...May move up
R: 0.9164-72 / 0.9229-34 / 0.9282
S: 0.9087-75 / 0.9065-50 / 0.9017-0.8981
Aussie has moved up in the Asian and the European Session today and may move up further towards the Resistance region of 0.9164-72, a break above which may take it towards 0.9229-34 in the US Session today. However, if the Resistance at 0.9229-34 holds, the pair may again dip towards 0.9125-35.
Still, any sharp move on the downside may pull the pair to test the Support region of 0.9087-75, but that may be momentary followed by a rally towards 0.9150-200 in the coming sessions over today and tomorrow.
AUD 10K Long @ 0.9120, SL 0.9060 (up from 0.9030), TP 0.9190
AUD 10K Long @ 0.9100, SL 0.9060 (up from 0.9030), TP 0.9170
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