Monday April 5, 2010 - 12:35:50 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 05-Apr-2010 - 1304 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 @ 1.0634/37...Mixed
R: 1.0618-47 / 1.0700 / 1.0759
S: 1.0595-74 / 1.0496-55 / 1.0400
Dollar -Swiss has moved up and is trading in the Resistance region of 1.0618-43 mentioned in the morning. The pair may test the immediate Resistance region of 1.0618-47 and come down towards 1.0595-74 or even 1.0550 in the US Session today. However, a strong break above the immediate Resistance may take it towards 1.0700 later in the day.
We see 50:50 chances of the immediate Resistance being honoured. We saw some Resistance near 1.0618-43 in the morning and entered a short at 1.0624, targeting 1.0550 with a Stop Loss at 1.0660 and we are holding a long at 1.0465 targeting 1.0700. If the pair moves up, the short will get stopped out, making money on the long. However, in the event of a fall, our Short will make money and we will add to our Long at 1.0550 targeting another rally towards 1.0700 in the coming sessions over today and tomorrow.
USD 10K Long @ 1.0465, TSL 1.0500, TP Open
USD 10K Short @ 1.0624, SL 1.0660, TP 1.0550
Limit Buy Order:
Buy USD 10K @ 1.0550, SL 1.0460, TP Open
GBP-USD @ 1.5264/67...Mixed
R: 1.5280-1.53 / 1.5380-1.54 / 1.5450-65
S: 1.5200-1.5180 / 1.5130-00 / 1.5070
Cable is continuing to be ranged between 1.52-53. With no significant move on either side seen during the day, our view remains the same on the pair. Support is seen at 1.5200-1.5180 region, a break below which might see 1.5130-00 region which is the next significant Support seen below 1.5180. We expect this Support at 1.5130-00 region to hold. However, a strong break below 1.51 might increase the chances of further dip to 1.4950-00.
On the other hand if the pair continues to trade above 1.52 we might see further rise to 1.5380-1.5400 in the coming sessions. Note that the projected Max-High for the day is 1.5372. Overall the pair is looking mixed now with 50-50 chances of moving on either direction from the current level.
AUD-USD @ 0.9203/06...Ranged with a Bearish bias
R: 0.9229-66 / 0.9350 / 0.9405
S: 0.9159-47 / 0.9100-057 / 0.9013-0.8995
Aussie touched a high of 0.9218 today and is now trading near the 0.92 region. We may see the pair fall towards the Support at 0.9159-47 in the US Session today and then bounce back towards 0.9200 in the coming sessions tomorrow. However, an immediate upmove may push the pair towards 0.9229-66 followed by a dip towards 0.9200-150 tomorrow.
As of now, we are not clear about the immediate movement on the pair and we need to wait till we have clarity on the market before we can trade.
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