Thursday December 27, 2012 - 12:03:38 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 27-Dec-2012 -1200 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 @ 0.9109/12...Ranged but weak
R: 0.9180 / 0.9215 / 0.9260 / 0.9300
S: 0.9100-9090 /0.9050
Dollar-Swiss has drifted lower in its tight 0.9180-100 range but looking at Dollar-Index there is a risk of this current range in Dollar-Swiss breaking on the down side. We are looking at 0.9100-0.9090 as an immediate support which will decide if the pair dips lower or bounces from here. We will have to wait and watch to see if this support holds of breaks. Euro is looking strong with good gains and the candle looks strong for a further rise. Stay out of the markets. Fiscal Cliff uncertainty also looms over the markets.
GBP-USD @ 1.6180/83...A close above 1.6200 will make it bullish in the immediate term
R: 1.6200-10 / 1.6250-60 / 1.6300-10
S: 1.6150-60 / 1.6100-10 / 1.6000
Cable has bounced back breaking above its 1.6160-75 resistance and is coming down currently after testing 1.6200 - its weekly resistance. A fall now to 1.6000 is not likely though a weekly and a daily close above 1.6200 is required for a further rise towards 1.6300-400. We will have to wait and watch for a daily close above 1.6200, if a strong close is seen then dips will find support near 1.6175-60 and 1.6100 which then become the supports for the pair. Staying out of the markets is advised.
AUD-USD @ 1.0381/84...A rise to 1.0465-70 can be seen before a fall
R: 1.0430 / 1.0470
S: 1.0350 / 1.0230 / 1.0150
Aussie is finding good support near 1.0350 levels and is not dipping below it. Chances of Aussie rising towards 1.0465-70 before a fall looks more likely now. There is a temptation to take a long position for a rise towards 1.0465-70 but it is advised to stay out of the markets as of now. 1.0350 continues to play an important role if an immediate rise to 1.0465-70 is to be seen.
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