Thursday April 15, 2010 - 12:13:44 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 15-Apr-2010 - 1212 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 @ 1.0585/88...May go up
R: 1.0625-50 / 1.0700 / 1.0656
S: 1.0561-37 / 1.0498-80 / 1.0462
Dollar-Swiss has surged in the European session today. It may rise towards 1.0625-50, a break above which may push it towards 1.0700 in the US session today. However, there is a possibility of it coming towards 1.0561-37 and then rising towards 1.0650 or 1.0700 in the coming sessions over today and tomorrow.
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 @ 1.5445/48...Holding Long
R: 1.5460 / 1.5530 / 1.5570-1.56
S: 1.5415 / 1.5385 / 1.5345
Though Cable witnessed a break below the 21-MA (on the 4-hr chart) Support in the European session today, it has bounced back once again from the low of 1.5385 and is now trading higher thereby keeping up the overall bullish sentiment intact for a rise to 1.5570-1.56. As mentioned earlier while above the 21-MA on the 4-hr chart (currently at 1.5415) there are good chances of a rise to 1.5570-1.56 in the coming sessions/days.
On the downside 1.5340 is a very significant Support level to watch for below 1.54.
GBP 10K at 1.5430, SL 1.5360 (up from 1.5340), TP 1.5570
As soon as the market trades 1.5370 bring SL up to 1.5410 and as soon as the market trades 1.5510 thereafter trail SL to 1.5440
AUD-USD @ 0.9332/35...Mixed
R: 0.9350-58 / 0.9405-40 / 0.9500
S: 0.9300-274 / 0.9200-175/ 0.9150
Aussie came down in the European session today to test the Support at 0.9300. It may see some upmove in the US session today, which may see some Resistance at 0.9350-58. We see more chances of this Resistance holding again followed by a dip towards 0.9300-274 in the coming sessions over today and tomorrow. However, if it breaks above 0.9350-58, it may rise towards 0.9405. Still, we see higher chances of the Resistance at 0.9350-58 holding (0.9358 is a trendline Resistance on the Monthly charts).
While below 0.9358, the pair may trade in the region of 0.9150-350 in the coming session before a break on the either side.
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