Monday March 29, 2010 - 13:03:40 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 29-Mar-2010 - 1302 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 @ 1.0645/48...Mixed
R: 1.0650 / 1.0700-24 / 1.0782
S: 1.0596-600 / 1.0548-61 / 1.0484-496
Dollar-Swiss touched a low of 1.0561 and a high of 1.0690 in the Asian session today. The pair may be ranged for some more sessions, before a strong break on either side is visible. For the US Session today, we see 1.0650 as an important level, a break above which may take it towards 1.0700-24. Though a failure to break above 1.0650 may again pull it towards 1.0596-600. We see more chances of a downmove after the pair touches 1.0650.
Overall, the pair is broadly ranged between 1.0555 on the downside and 1.0755 on the upside. We may see some more sessions of a move in this range before a strong break on either side is visible. We see more possibility of a break above the higher end of the range in the coming days.
GBP-USD @ 1.4971/75...Immediate Resistance at 1.50 holding
R: 1.50 / 1.5062 / 1.5169
S: 1.4923 / 1.4869 / 1.4800
Cable failed to see a strong break above the immediate Resistance at 1.50. However, it is not showing much strength on its downmove thereby still keeping the chances of a break above 1.50 and see a rise to 1.51-52 in the coming sessions. However, as mentioned earlier the broader picture continue to remain bearish with strong Resistance in the broad 1.50-52 region and a rally to 1.51-52 can be taken as a good opportunity to sell.
On other hand if the pair continues to trade below 1.50 we might see a test of 1.4869, which is the Significant Trendline Support seen on the weekly candles. A strong break below 1.4850-00 might increase the chances of a further dip to 1.46-44 in the coming days/weeks. To see the Trendline Support on the GBP-USD graph click on the following link:
Limit Sell Order:
Sell GBP 10K at 1.5145, SL 1.5235, TP Open
AUD-USD @ 0.9140/43...Mixed
R: 0.9149-61 / 0.9200 / 0.9233
S: 0.9064 / 0.9000 / 0.8947
Aussie moved up and is trading near the immediate Resistance of 0.9049-61, which may be broken in the US Session today, to rise towards 0.9200 or even 0.9233. However, if the pair honours the immediate Resistance at 0.9149-61, it may fall towards the 0.9100-64 in the US Session today, though we see less chances of a break below this today.
Traders may buy longs on a break above 0.9161, but we do not recommend a trade as it is difficult to predict the immediate direction of the move.
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