Wednesday April 14, 2010 - 12:22:03 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 14-Apr-2010 - 1215 GMT
USD-CHF @ 1.0554/56...Bullish
R: 1.0609 / 1.0656 / 1.0700
S: 1.0498-80 / 1.0441-35 / 1.0400
Dollar-Swiss has moved up to test the Resistance at 1.0562 in the European Session today. The pair may move up further towards 1.0609, which is the suggested max high for the day, followed by a dip towards 1.0550 or even 1.0500 in the coming sessions over today and tomorrow. However, a break above 1.0609 may see the pair move towards 1.0656 or even 1.0700 in the US session today, though we see good possibility of a dip after it touches 1.0609.
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 @ 1.5431/33...21-MA Support on the 4-hr chart holding
R: 1.5470-80 / 1.5530-45 / 1.56
S: 1.5389 / 1.5345 / 1.53-1.5290
The 21-MA Support on the 4-hr chart (currently at 1.5389) held once again and Cable has bounced back from the low of 1.5376. However, it is still not showing much strength on its upmove above 1.54. Our view remains the same on the pair. Though it is not showing much strength on its upmove above 1.54 over the last couple of days, while the 21-MA on the 4-hr chart continues to hold, we expect it to gain upside momentum and see a rise to 1.5550-1.56 in the coming sessions/days.
Any sharp move is not looking likely now and we expect the 21-MA Support on the 4-hr chart (1.5389) to continue to hold. A break below this might see a test of 1.5345 which is a very significant Support level to watch for on the downside.
AUD-USD @ 0.9333/35...Trendline Resistance at 0.9358 on Monthly Charts
R: 0.9350-58 / 0.9405-40 / 0.9500
S: 0.9274 / 0.9200-175/ 0.9150
Aussie has moved up in the European session today. We are still to see a test of the Resistance at 0.9350-58, which may hold pulling the pair back towards 0.9274, in the US session today. However, a strong break above 0.9350-58 may even push the pair towards 0.9405 in the comming sessions over today and tomorrow, though we see higher chances of the Resistance at 0.9350-58 holding (0.9358 is a trendline Resistance on the Monthly charts).
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.
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