Wednesday March 31, 2010 - 12:47:57 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 31-Mar-2010 - 1244 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...May rise from here
R: 1.0636-52 / 1.0700-23 / 1.0760-77
S: 1.0586-70 / 1.0520-496 / 1.0435
Dollar-Swiss has fallen in the European Session today and is trading near the Support region of 1.0586-70. We may see the pair honour the immediate Support and bounce towards the Resistance at 1.0636-52 in the US Session today. However, a strong break below the immediate Support region may see the pair towards the Support at 1.0520-496. We see more chances of rise, than a fall from immediate levels.
GBP-USD @ 1.5166/69...Immediate Resistance at 1.5200-30 region
R: 1.5200-20 / 1.5253 / 1.5350
S: 1.5120-00 / 1.5060-50 / 1.5010
Cable has risen sharply breaking above the Resistance at 1.5100-20 region. It is keeping up its current upside momenutum and might test the immediate Resistance at 1.5200-30 region in the US session today. A strong break above 1.5230 might trigger further rise to 1.5350-54 in the coming days. However, if it fails to see a strong break above 1.5200-20 we might see a pull back once again towards 1.51-50.
AUD-USD @ 0.9137/40...Ranged with a bearish bias
The pair has not moved much since morning and hence we are holding the same view which we had in the morning.
"Aussie has an immediate Support in the region of 0.9136-20, which may hold pushing the pair towards the Resistance at 0.9180-85, a break above which may take the pair towards the next Resistance region at 0.9234-51 in the coming sessions today. However, a break below the immediate Support may see 0.9029-48 in the coming sessions today, though we see less chances of this fall.
Overall, we have seen that the pair is finding it very difficult to break above the strong Resistance region of 0.9250-300 from the past few weeks and may fall towards 0.9000 in the coming weeks, while below 0.9250-300."
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