Wednesday April 7, 2010 - 12:41:57 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 07-Apr-2010 - 1240 GMT
EURO, JAP YEN and EURO-YEN
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.0735/38...May fall before a rise
R: 1.0734-51 / 1.0781-813 / 1.0905
S: 1.0670-57 / 1.0626-00 / 1.0574-51
Dollar -Swiss has moved up late in the European session today to trade near the Resistance at 1.0734-51 (1.0734 is a trendline Resistance on the monthly charts and 1.0751 is a longterm trendline Resistance on the daily charts). The pair now appears to have comfortably moved above the crucial level at 1.0700, but may see some strong Resistance in the region of 1.0734-51 in the US Session today. While below 1.0751, we see more chances of a fall towards 1.0670-57, or even 1.0626-00, followed by a fresh rise beyond 1.0700 in the coming sessions over today and tomorrow. However, an immediate break above 1.0734-51 (less chances) may push it towards 1.0781-813 in US session today.
As of now, we are not clear about the immediate movement on the pair and we need to wait till we have clarity on its movement before we can trade.
GBP-USD @ 1.5179/83...Might break the Support at 1.5130-00 region
R: 1.52 . 1.5285-1.5310 / 1.5380-1.54
S: 1.5130-00 / 1.5020-00 / 1.4950
Cable fell breaking below 1.52 as expected and is now trading just above the Support at 1.5130-00 region. Failure to see a strong break above 1.53 in the attempts made over the last few days and the sharp fall today, now increases the chances of a break below the 1.5130-00 region. As mentioned earlier, a break below 1.51 might see further dip to 1.50-1.4950 in the coming days.
On the upside immediate Resistance is seen at 1.52 which might hold in the US session today. A break above 1.52 might see a rise once again to 1.5280-1.53.
Sell GBP 10K at 1.5270, TSL 1.5240 (down from 1.5260), TP Open.
As soon as the market trades 1.5120 bring TSL down to 1.5220
AUD-USD @ 0.9255/58...Bearish
R: 0.9266-80 / 0.9350 / 0.9405
S: 0.9178-58 / 0.9100-057 / 0.9013-0.8995
Aussie has been quiet and has moved in a range of 0.9255-87 so far today. It has been trading in the strong Resistance region of 0.9266-80 throughout the day and may honour the current Resistance (0.9266-80) leading to a dip towards 0.9178-58 or even 0.9100 in the US session today. However, an immediate upmove (less chances) may push the pair towards 0.9300 in the US Session today. Please note that 0.9266 is a trendline Resistance on the monthly charts and 0.9278 is a trendline Resistance on the weekly charts.
To see the trendline Resistance on the AUD-USD Charts, please follow the link below:
AUD 10K Short @ 0.9259, SL 0.9295 (down from 0.9310), TP Open
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."