Friday April 16, 2010 - 12:08:27 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 16-Apr-2010 - 1207 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 @ 1.0590/94...Mixed
R: 1.0621 / 1.0664 / 1.0700
S: 1.0575-60 / 1.0508 / 1.0462
As expected, Dollar-Swiss dipped to a low of 1.0566 in the European Session yesterday before coming up to trade near 1.06 figure. We may now see the pair rise towards 1.0664 or even 1.0700 on a break above 1.0621 in the coming sessions today. We see less chnaces of a downmove on the pair in the US session today.
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 @ 1.5444/47...Significant Support at 1.5340
R: 1.5480-1.55 / 1.5530 / 1.5630-45
S: 1.5435 / 1.5350-40 / 1.5310
Cable witnessed a break below 1.54 in the Asian session today as expected. Though the downmove did not continue to test the crucial Support at 1.5340, the bounce back has happend as expected. We might expect a rise to 1.5500-50 if it continues to trade above 1.54 in the US session today. on the downside 1.5340 is a very significant Support level to watch which we expect to hold if a break below 1.54 is seen in the US session today.
AUD-USD @ 0.9321/24...Mixed
R: 0.9358-72 / 0.9405 / 0.9445
S: 0.9266 / 0.9219 / 0.9150
Aussie has not moved much during the day and we continue to hold the same view as we had in the morning.
"As expected, Aussie went up to test Resistance at 0.9350-58, followed by a dip towards 0.9300-274 in the US session yesterday and the Asian session today. We may again see the pair test the Resistance at 0.9350-74, followed by a dip towards 0.9266 in the coming sessions today. However, if it breaks above 0.9350-58, it may rise towards 0.9405. Still, we see higher chances of the Resistance at 0.9358-74 holding. Please note that 0.9358 is a trendline Resistance on the Monthly charts and 0.9374 is the suggested Max high for the day.
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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