Thursday April 1, 2010 - 12:32:40 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 01-Apr-2010 - 1231 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 @ 1.0514/17...200-DMA Support at 1.0473
R: 1.0565-80 / 1.0636-52 / 1.0700-34
S: 1.0504-473 / 1.0450-33 / 1.0400
As expected, Dollar-Swiss fell in the European session today to test the Support at 1.0504-475 mentioned in the morning. The pair is still trading near 1.0500 and we may expect it to test the immediate Support (1.0504-473) once again before a bounce towards 1.0565-80 over the coming sessions today and tomorrow. However, if the immediate Support is broken, we may see the pair test the next Support region of 1.0450-33 in the US Session today, though we expect the immediate Support to hold.
Limit Buy Order:
Buy USD 10K @ 1.0490, SL 1.0390, TP Open
Buy USD 10K @ 1.0465, SL 1.0365, TP Open
GBP-USD @ 1.5216/17...Support at 1.5200-1.5180 region
R: 1.5230-50 / 1.5343 / 1.5452
S: 1.5200-1.5180 / 1.5130-00 / 1.5070
Cable is ranged between 1.5180-5250. Though a strong upmove above the Resistance at 1.5230 was not seen during the day, the immediate Support at 1.5200-1.5180 is continuing to hold and is till keeping up current upside momentum intact. While above the Support at 1.5200-1.5180 region there are good chances of a strong break above 1.5230 and a rise to 1.55.
On the other hand, if it fails to see a strong break above 1.5230, a pull back to 1.5130-00 can be seen in the coming sessions.
AUD-USD @ 0.9170/73...May move up
R: 0.9208 / 0.9232-66 / 0.9331
S: 0.9152 / 0.9100 / 0.9044-33
The pair has been relatively silent in the European session today. We may still see some upmove towards 0.9208, followed by a fall towards 0.9150 level in the US session today. However, if the pair breaks above the Resistance at 0.9208 (less likely), it may test the next Resistance region of 0.9232-66 in the coming sessions over today and tomorrow.
On the downside, an immediate dip may test the Support at 0.9152, break below which may see 0.9100 in the coming sessions over today and tomorrow, though we see less chances of this downmove.
Overall, 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 again fall towards 0.9000 in the coming weeks, while below 0.9250-300.
The RBA meeting is scheduled on Tuesday (06-Apr-10) and a rate hike may be on the cards.
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