Thursday March 22, 2012 - 12:47:43 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 22-Mar-2012 - 1245 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 @ 0.9159/62...Inverted Head and Shoulder on the 4-hr chart
R: 0.9200-30 / 0.9250 / 0.9300
S: 0.9140 / 0.9100 / 0.9070
Dollar-Swiss has risen above 0.9150 thereby easing the threat of seeing 0.9000 on the downside that we had been expecting. We seen an inverted Head and Shoulder on the 4-hr chart. The Neckline Support is at 0.9140 and a further rise to 0.9200-30 looks likely in the coming sessions.
GBP-USD @ 1.5805/08...Can test 1.5750-00 on the downside
R: 1.5850 / 1.5900
S: 1.5750 / 1.5700
Weak retail sales data release today triggered a sharp fall in Cable today to a low of 1.5770. We now expect the 200-DMA (currently at 1.5851) to be a good Resistance level which could restrict any bounce back move in the coming sessions. Having said this, a further downmove to 1.5750-00 is on the cards now.
AUD-USD @ 1.0371/74...Support in 1.0350-35 region
R: 1.0400-25 / 1.0475 / 1.0525
S: 1.0350-35 / 1.0280
While most of the currencies have weakened much against the Dollar after the German and Euro zone PMI data release, the Aussie has not reacted much and it is trading calm below 1.0400. There is Support in 1.0350-35 region which is restricting the fall currently. A bounce back to 1.0400-25 cannot be ruled out. However, a strong break below 1.0350-35 can take it further down towards 1.0280.
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