Thursday April 8, 2010 - 11:59:50 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 08-Apr-2010 - 1158 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 @ 1.0767/70...Sell rallies
R: 1.0784 / 1.0813-38 / 1.0905
S: 1.0700 / 1.0673-70 / 1.0626-00
Dollar-Swiss tested the Resistance at 1.0784 late in the Asian Session today and is now trading lower. It may come down towards the Support at 1.0700, a strong break below which may see the pair fall further towards 1.0650-00 in the coming sessions over today and tomorrow. However, while above 1.0700, the pair may rise towards 1.0813-30 on a break above 1.0784 in the US session today, followed by a fresh fall towards 1.0700 in the next few days. We see more chances of a slight upmove followed by a downmove.
Limit Sell Order:
Sell USD 10K @ 1.0780, SL 1.0850, TP Open
GBP-USD 1.5204/07...Retaining the range (1.51-53)
R: 1.5285-1.5310 / 1.5380-1.5400 / 1.5450-65
S: 1.5185-70 / 1.5130-00 / 1.5070
Cable has bounced back from the low of 1.5139 and is retaining the range 1.51-5310 in which it has been trading over the last few days. Our view remains the same on the pair. A breakout on either side of this range would determine the further direction of move. On the upside a strong break above 1.5310 might see a rise to 1.5380-54. On the downside a break below 1.51 might pull it down towards 1.50-1.4950.
The BOE left the rates unchanged at 0.50% in its meet today.
AUD-USD @ 0.9240/43...Mixed
R: 0.9266-300 / 0.9350 / 0.9405
S: 0.9240-20 / 0.9178-58 / 0.9100-057
Aussie has came down in the European session to test the Support at 0.9240-20 and is now trading higher. Please note that the pair is finding it difficult to break beyond the strong Resistance region of 0.9250-300 since the past two days. We need to wait and watch if the pair strongly breaks the Resistance at 0.9266-300 in the US session today, which will render it further bullish for the days ahead. However, if the pair moves down to break below the Support at 0.9240-20, it may as well see 0.9178-58 in the US session today.
Overall, we may see the pair move in the region of 0.9175-300 before a strong break on the either side is visible.
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