Friday March 26, 2010 - 12:33:51 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 26-Mar-2010 - 1230 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 @ 1.0697/1.0700...Buy dips
R: 1.0730 / 1.0774-800 / 1.0814-44
S: 1.0700-674 / 1.0600 / 1.0573-69
Dollar-Swiss has dipped below 1.0700 level and is trading in the Support region of 1.0700-674 mentoioned in the morning. We still hold our view of a bounce towards 1.0730 in the US Session today. However, a fall below 1.0650 may pull it down towards 1.0600, though we see less chances of this move.
Overall, we are bullish on the pair and may see it rise towards 1.0900-50 in the coming weeks, while above 1.0700.
USD 10K Long @ 1.0710, SL 1.0650, TP 1.0780
GBP-USD @ 1.4851/54...Ranged with bearish bias
R: 1.4890 / 1.4930-50 / 1.4980
S: 1.4847 / 1.4759 / 1.4718
Cable is continuing to be ranged between 1.48-49. Our view remains the same. The broader picture continue to remain bearish. Resistance at 1.4930-50 region which is expected to hold in the US session. However, a break above 1.4950 might see 1.50 on the upside. Overall we expect it to trade below 1.50.
On the downside 1.4847 is a significant Trendline Support seen on the weekly candles. A break and a close below this Trendline would increase the chances of further dip to 1.46-44 in the coming days.
AUD-USD @ 0.9062/65...Ranged with bullish bias
R: 0.9136-54 / 0.9229-34 / 0.9279
S: 0.9065-50 / 0.9018-0.8981 / 0.8947
As expected, Aussie moved down to test the Support at 0.9065-50 mentioned in the morning. The pair has bounced from the 200 MA on the 4-Hourly charts and may now rise towards the Resistance region 0.9136-50 in the US Session today.
The US GDP data is due in some time now and will be closely watched by the markets.
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