Monday April 19, 2010 - 12:13:35 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 19-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 @ 1.0676/79...May go up further
R: 1.0700-12 / 1.0734-50 / 1.0820
S: 1.0613-582 / 1.0561-50 / 1.0496
As expected, the pair has moved up in the Asian and the European session today. We may see the pair move up further towards 1.0700-12 in the US session today. Please note that 1.0712 is the suggested max high for the day. We see good chances of the immediate Resistance at 1.0700-12 holding, followed by a dip towards 1.0650 later in the day. However, a break above 1.0712 may see the pair rise towards 1.0734-50 in the coming sessions over today and tomorrow.
USD 10K Long @ 1.0645, TSL 1.0655 (up from 1.0570), TP 1.0710
GBP-USD @ 1.5238/41...Resistance at 1.53
R: 1.5300-10 / 1.5340 / 1.5400-25
S: 1.52-1.5170 / 1.5150 / 1.51
Cable fell during the day as expected. Though it has bounced back slightly after testing the 21-DMA (currently at 1.5199), we expect it to continue to remain pressured on the downside. However, if it continues to trade above 1.52, we might see a rise towards the Resistance at 1.53 in the US session today. As mentioned earlier, we expect this Resistance at 1.53 to hold for some time.
On the downside 1.5170 is a significant Support level to watch for and a break below it might pull it further down towards 1.51-1.5050.
AUD-USD @ 0.9187/90...Ranged
R: 0.9211 / 0.9270 / 0.9300
S: 0.9158 / 0.9110 / 0.8985
As expected Aussie tested the Support at 0.9158 in the Asian and the European session today. We may see the pair test the Resistance at 0.9211 in the US session today, which may hold following another dip below 0.9200 in the coming sessions over today and tomorrow.
Overall, we expect a movement in the range of 0.9150-230 in the US session today.
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