Monday April 12, 2010 - 12:00:17 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 12-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 @ 1.0606/10... May rise towards 1.0656
R: 1.0625 / 1.0656 / 1.0700
S: 1.0550 / 1.0496-67 / 1.0400
Dollar-Swiss touched a low of 1.0547, honouring the Support at 1.0550, in the European Session today. While above 1.0600, the pair may rise towards 1.0625 or even 1.0656 in the US session today. However, a sharp fall below 1.0600, may see 1.0550 or even 1.0496-67 in the coming sessions over today and tomorrow. Though, we have a preference of some upmove, with 1.0600 holding.
GBP-USD @ 1.5415/18...Support region at 1.54-1.5370 holding
R: 1.5480 / 1.5530-50 / 1.56
S: 1.54-1.5370 / 1.53-1.5280 / 1.5220
Cable fell from the high of 1.5485 and is now trading near the Support at 1.54-1.5370 region. We expect this Support region to hold in the US session today and see a bounce back once again to 1.5480-1.55 in the coming sessions. As mentioned earlier, there are good chances of further rise to 1.5550-1.56 in the coming sessions/days.
On the other hand a strong break below 1.5370 might pull it down towards 1.53-1.5280.
AUD-USD @ 0.9277/80...Mixed
R: 0.9300 / 0.9350 / 0.9405-40
S: 0.9200-175/ 0.9150 / 0.9100
Contrary to our expectations, Aussie has come below the crucial figure of 0.9300 in the European session today. While below 0.9272, the pair may fall towards 0.9200-175 in the coming sessions over today and tomorrow, making it a false break above 0.9300. However, we may see it go up towards 0.9300 (or beyond) on a surge past 0.9272 in the US Session today. We are unsure of the immediate movement on the pair and do not recommend any trade right now.
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