Wednesday April 21, 2010 - 12:30:23 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 21-Apr-2010 - 1224 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 @ 1.0712/15...Sell Rallies
R: 1.0734 / 1.0763-75 / 1.0840
S: 1.0634-50 / 1.0590-600 / 1.0567-61
Dollar-Swiss touched a high of 1.0724 in the European Session today. It is currently trading near the days high and may honour the immediate Resistance at 1.0734 (trendline Resistance on the Monthly charts) in the US session today, pulling it down towards 1.0650 in the coming sessions over today and tomorrow. Hoewever, a break above 1.0734 may take it towards 1.0763-75 in the US session today, where it may be worth selling.
For the coming sessions, we may see a small rally, followed by a dip towards 1.0650 over today and tomorrow. However, in the coming weeks, we may see the pair moving up, on a strong rise beyond 1.0800.
GBP-USD @ 1.5385/88...Bullish
R: 1.5430-50 / 1.5530 / 1.5570
S: 1.5340 / 1.5300-1.5290 / 1.5235
After rising and recording a high of 1.5439, Cable has come off and is now trading below 1.54. However, the broader picture continue to remain bullish for a rise to 1.5550-1.56 in the coming days with Support at 1.5330-00 region which we expect to hold in the US session today. Any dip towards the Support at 1.5320-00 (if seen) can be considered as good opportunity to buy.
Limit Buy Order:
Buy GBP 10K at 1.5350, SL 1.5260, TP 1.5560
AUD-USD @ 0.9292/95...Buy Dips
R: 0.9336-50 / 0.9380 / 0.9405
S: 0.9270 / 0.9235 / 0.9210
Aussie moved down to 0.9289 after touching 0.9339 in the European session today. We may now see the pair move down towards 0.9270-35 in the US session today. However, if it moves up from here, it may go towards 0.9350, or even 0.9405 in the coming sessions over today and tomorrow, though our preference is of an initial downmove towards 0.9270-35 before a fresh rally towards 0.9350-405 in the coming days.
Limit Buy Order:
Buy AUD 10K at 0.9230, SL 0.9140, TP Open
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