Friday April 30, 2010 - 12:55:36 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day 30 April 2010-1253
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 @ 1.0765/68...Buy dips
R: 1.0800 / 1.0850 / 1.0870
S: 1.0750-40 / 1.0690-75 / 1.0650
Dollar-Swiss fell to a low of 1.0757 in the European session today. It may still go down towards 1.0750-40 in the US session today which may hold followed by a rise towards 1.0850-900 in the coming sessions next week. Though, a strong break below 1.0740 may see the pair fall further towards 1.0700, we will still be bullish on the pair and will look to buy rather than sell at those levels
USD 10K Long at 1.0785, SL 1.0720, TP Open
GBP-USD @ 1.5311/14...May fall
R: 1.5350 / 1.5380 / 1.5425
S: 1.5266-50 / 1.5207 / 1.5119
Cable touched a high of 1.5391 in the Asian session today and has come down from there. The pair may dip towards 1.5275 in the US session today, a break below which may bring it towards 1.5200 in the coming sessions on monday. The pair is ranged between 1.5200-500 and we may want to buy/sell at the lower/upper end of the range rather than taking a position in the middle of the range.
AUD-USD @ 0.9319/22...Mixed
R: 0.9350 / 0.9405 / 0.9500
S: 0.9272-55 / 0.9233 / 0.9196
Aussie has been trading in the range of 0.9290-320 in the Asian and the European session today. We may see the pair rise towards the Resistance at 0.9350 in the US session today, a strong break above that looks unlikely.
Today is the last day of the week/month. The pair has been honouring a trendline Support on the weekly charts (0.9159) and is expected to honour it next week also. However, the Trendline Resistance on the Monthly charts (0.9266) may be broken.
We may see a rise towards 0.9350-400 in the coming week followed by a dip towards 0.9200. Though, a rise past 0.9405 ,may take it towards 0.9500-50, still we see more chances of 0.9350-405 holding.
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