Friday April 9, 2010 - 12:03:20 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 09-Apr-2010 - 1201 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 @ 1.0719/21...Sell rallies
R: 1.0746 / 1.0784 / 1.0813-38
S: 1.0700 / 1.0673-59 / 1.0626-00
Dollar-Swiss tested the Support at 1.0700 in the European session and has again moved up. We still see chances of the pair dip below 1.0700 in the US Session today, taking it towards 1.0650. However, an immediate break above 1.0746 may push the pair towards the next Resistance at 1.0784, though we see less chances of this upmove.
USD 10K Short @ 1.0732, SL 1.0760 (up from 1.0830), TP Open
GBP-USD @ 1.5361/63...Might rise to 1.5500-50
R: 1.5380-1.54 / 1.5435-50 / 1.5535
S: 1.53 / 1.5250-30 / 1.5180
Cable has risen sharply breaking above the upper end of the range (1.51-53) in which it was trading over the last few days. With Resistance-turned-Support at 1.53 we might expect a break above the immediate Resistance at 1.5380-1.54 region and see further rise to 1.5500-50 in the coming sessions.
On the other hand if the immediate Resistance at 1.5380-1.54 holds, we might see a pull back to 1.53-1.5250 in the US session today.
Limit Buy Order:
Buy GBP 10K at 1.5270, SL 1.5180, TP 1.5530
AUD-USD @ 0.9313/15...May go up
R: 0.9350 / 0.9405 / 0.9440
S: 0.9210-0.9196 / 0.9178-58 / 0.9100-057
Aussie has finally moved above 0.9300 in the European session today. We see good chances of the pair move towards 0.9350 or even 0.9405 while above 0.9300 in the US session today. However, in the event of a fall below 0.9300, the pair may again target 0.9241 later in the day, though our preference is on the upside.
AUD 10K Long @ 0.9311, SL 0.9275, TP Open
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