Tuesday April 13, 2010 - 12:27:29 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 13-Apr-2010 - 1226 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 @ 1.0577/79... May see some upmove
R: 1.0613-25 / 1.0656 / 1.0700
S: 1.0556 / 1.0496-67 / 1.0400
As expected, Dollar-Swiss touched a low of 1.9563 and is trading sideways in the European session today . We expect the Support at 1.0565 to hold, followed by a rise towards 1.0600-25 or even 1.0656 in the US session today. However, a sharp fall below 1.0556, may even see 1.0496-67 in the coming sessions over today and tomorrow. We see more chances of a some upmove, with 1.0556 holding.
Overall, we expect a movement in the range of 1.0500-700 before a breakout on the either side in the coming days.
GBP-USD @ 1.5420/23...Support at 1.5360-40 region
R: 1.5470-85 / 1.5520-35 / 1.5580
S: 1.5360-40 / 1.5280-50 / 1.5215
Cable has risen as expected. As mentioned earlier, with Support at the 21-MA on the 4-hr chart (currently at 1.5358) there are good chances of a rise to 1.5550-1.56 in the coming sessions/days.
On the downside, Support is seen at 1.5360-40 region which is expected to hold in the US session today, if downmove breaking breaking below 1.54 is seen. A break below 1.5340 (which is not looking likely now) might pull it further down to 1.5280-50 on the downside.
AUD-USD @ 0.9275/77...Mixed
R: 0.9300 / 0.9350 / 0.9405-40
S: 0.9200-175/ 0.9150 / 0.9100
Aussie has recovered from the low of 0.9223 in the Asian session and is trading belowthe important Resistance at 0.9300 in the European session today. We may see the pair test the Resistance at 0.9300 in the US session today, a break above which may take it towards 0.9350. However, a failure to break above 0.9300 may pull the pair towards 0.9200 over today and tomorrow.
Overall, the pair may move in the range of 0.9150-350 over the next few days, before a strong break on the either side is visible . We are not very clear of the immediate move of the pair and hence have removed our limit buy order at 0.9210.
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