Friday December 28, 2012 - 12:04:56 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 28-Dec-2012 -1203 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 @ 0.9169/72...Ranged
R: 0.9180 / 0.9215 / 0.9260 / 0.9300
S: 0.9100-9090 /0.9050
Has risen but still continues to hold the 0.9180-100 range. We expect the range to continue going forwards also the uncertainty persist with respect to the Fiscal Cliff. The market can get a bit volatile as the dead line of “Cliff” nears. If a break of the narrow range is seen on the upside then a rise towards 0.9215-60 can be seen. It is advised to stay out of the markets and wait on the sidelines till conform trend is observed.
GBP-USD @ 1.6121/24...Continues to trade in the range
R: 1.6200-10 / 1.6250-60 / 1.6300-10
S: 1.6150-60 / 1.6100-10 / 1.6000
Cable has not moved much through the day and the expectations remain the same. It seems that it is trading in the 1.6200-100 range but the overall bias remains positive, today in the intraday it again found support on the dip to 1.6100. It is not finding strength to rise above 1.6200 and is not able to break 1.6100 either. We will have to wait and watch to see on which side it breaks, 1.6100 is a good support on the daily/weekly line charts. There are good chances of Cable holding on to this support to avoid a dip to 1.6000.
AUD-USD @ 1.0383/86...Ranged
R: 1.0430 / 1.0470
S: 1.0350 / 1.0230 / 1.0150
Aussie also has not moved significantly through the day and the forecast remains the same. The tight 1.0390-40 range continues. It is continuing to find support near its 200 EMA on the daily charts near 1.0350 levels which is restricting its fall. There is a fair chance that it bounces to 1.0430-60 levels before falling further. We will have to wait and watch before a clearer move is seen in either direction. It is advised to stay out of the markets for some time as the picture is looking indecisive.
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