Monday April 26, 2010 - 12:27:42 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 26-Apr-2010 - 1225 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 @ 1.0759/62...May Fall
R: 1.0765 / 1.0865 / 1.0911
S: 1.0700 / 1.0600 / 1.0500
Dollar-Swiss moved up in the European session today. The upmove was little more than expected, triggering the TSL (on our short entered at 1.0795) at 1.0780. The pair may now move down towards 1.0700 or even 1.0600 in the coming session over today and tomorrow. However, in case the pair finds some Support at 1.0700, it may again move up towards 1.0750 in the coming sessions tomorrow, though we see less chances of 1.0700 holding.
Overall, the pair may continue to move in the range of 1.0500-800 (or at most 1.0850) this week. Please note that the pair has some strong Resistances in the region of 1.0750-940, which it may find difficult to break in the coming weeks.
GBP-USD @ 1.5463/66...Buy Dips
R: 1.5530 / 1.5564 / 1.5581
S: 1.5400-73 / 1.5345 / 1.5309
Cable touched a high of 1.5498 in the Eurpoean session today and has come down. It has not been able to break above the Resistance at 1.5470 and we still see some chances of it coming down towards 1.5400-350 in the coming session over today and tomorrow before a fresh upmove towards moving 1.0500-50 in the next few days.
Exit Trade (at the time of writing):
Take Profit on GBP 10K Long entered at 1.5300 at current levels
Limit Buy Order:
Buy GBP 10K at 1.5375, SL 1.5300, TP Open
AUD-USD @ 0.9302/05...Resistance near 0.9300
R: 0.9350 / 0.9405 / 0.9480-500
S: 0.9200-180 / 0.9110-00 / 0.8995
As expected, the pair has moved up in the European session today and is facing a Resistance at 0.9300. We may now see the pair break above the Resistance at 0.9300 in the US session today. However, if the pair honours the Resistance at 0.9300, we may see it come down towards 0.9250 in the US Session today, followed by an upmove beyond 0.9300 in the coming sessions over today and tomorrow.
Please note that the view of an overall upmove in the coming days has been strenghtened by formation of a double bottom on the 4-hourly and the 8-hourly charts, which have become clearer by the upmove in the pair today.
AUD 10K Long@ 0.9230, SL 0.9230 (up from 0.9140), TP Open
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