Tuesday July 26, 2005 - 12:27:47 GMT
FX Thoughts for the Day - www.fxthoughts.com
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Fx-Thoughts for the day - Evening - 26-07-05 .....1220 GMT
Euro @ 1.1986/89....Vulnerable for 1.1950
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R: 1.2042-52 / 1.2065-86 / 1.2091-1.2115
S: 1.1954 / 1.1900 / 1.1873-59
The Euro dropped to 1.1991 after rallying a bit during the day. It may now be vlunerable to a further fall towards 1.1950 unless it climbs above 1.2023 again in the early US session.
Holding:
EUR 20K Long at 1.2023, SL 1.1980, TP 1.2080. As soon as the market trades 1.2035 hereafter, bring SL up to 1.1990
Order:
Buy EUR 20K at 1.1964, SL 1.1939, TP 1.2024
$-Yen @ 112.35/39....Uptrend or Sideways?
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R: 112.31 / 112.79-94 / 113.21
S: 111.90-81 / 111.69-64 / 111.33-32
Dollar-Yen has risen above 112.00 and may have room to move up further towards 112.60-65 by tomorrow. It could be well supported at 111.88-65 now and dips thereto might be bought. IN CASE the Support at 111.88-65 breaks, it would indicate that the market is in a large sideways consolidation rather in an uptrend (in the immediate scenario). Both - an uptrend and sideways consolidation - look equi-probable right now, so we have to be cautious.
We went Long at 111.71 and saw profit at 112.15. No trades as of now.
Euro-Yen @ 134.70/5....Holding Long
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R: 134.86-88 / 135.05-13 / 135.36-39
S: 134.51-41 / 134.25 / 134.01
The Cross remains in a sideways Triangle on the 4-hour Candles, with Support at 134.41 and Resistance at 135.19. Once this Triangle breaks (maybe tomorrow), the Cross may either move up towards 136 or fall towards 134.00 and then 133.50
Holding:
EUR 20K Long at 134.40, SL 134.15, TP 134.95
$-Swiss @ 1.3011/16....See 1.3075 if 1.3030 breaks
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R: 1.3026 / 1.3067-83 / 1.3100
S: 1.2976-69 / 1.2943 / 1.2928-15
We had set a range of 1.2850-3030 for Dollar-Swiss in the morning. The market moved up to 1.3027 during the day. IN CASE of a rise above 1.3030, the Dollar could rise to 1.3075 also. While the Dollar remains below 1.3030, it could dip back to 1.2970. From 1.2970, there would be equal chances of a fresh rise towards 1.3075 as of a fall towards 1.2925
Cable @ 1.7376/81...See 1.7330 if 1.7364 breaks
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R: 1.7424-37 / 1.7457 / 1.7470-98
S: 1.7364 / 1.7313 / 1.7287
Thankfully we took profit on our Long right in the morning, for the Cable has fallen thereafter. However, it has Support at 1.7364 and while that Support holds, there could be chances of a rise back towards 1.7450. In case the Support at 1.7364 breaks, a further fall towards 1.7331 and 1.7316 may be seen.
Happy Trading!
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