Thursday February 21, 2013 - 11:57:00 GMT
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FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day : 21-Feb-2013 -1154 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 @ 0.9319/21...Strong
R: 0.9370-90 /
S: 0.9300 / 0.9250-40
Dollar-Swiss has continued to rise and has broken 0.9300 resistance and is currently looking for a further rise towards 0.9370-80 levels. On the down side 0.9300 is a good support now and is likely to find support if a dip is seen near it. 0.9400 does look a possibility.
GBP-USD @ 1.5252/55...Short covering, trend remains bearish though
R: 1.5280 / 1.5335 / 1.5450
S: 1.5180 / 1.5100 /
Cable has bounced from 1.5130 though the bigger trend remains bearish there are fair chances that a short covering bounce is seen which can take it towards 1.5280-5330. We would be looking to sell the pair short on this bounce but only after it turns down again. The trend remains bearish and levels of sub 1.5000 can also be seen.
AUD-USD @ 1.0257/60...Trend remains bearish
R: 1.0300 / 1.0375-85
S: 1.0230 / 1.0150
Aussie has bounced from 1.0230 support but is not finding further short covering to bounce till 1.0300. Still even though the trend remains bearish a bounce to 1.0300 is likely. We would be willing to sell the pair on this bounce as the primary view remains bearish for a fall towards 1.0230 and even a break of it for a fall towards 1.0150 in the coming sessions.
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