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Thursday September 8, 2005 - 12:51:21 GMT
FX Thoughts for the Day - www.fxthoughts.com

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Fx-Thoughts for the day - Evening - 08-09-05 ..... 1211 GMT

Euro @ 1.2419/22....Support 1.2399. Sell rally
----------------------------------------------
R: 1.2445-55 / 1.2485
S: 1.2404-2399 / 1.2365-45
The Euro has come down well to 1.2405, but finds respectable Support at 1.2404-2399. In case this Support breaks, then we could be looking for 1.2365-45. While the Support holds, there are chances of a bounce towards 1.2435-55, if not higher towards 1.2482.

Order:
Sell EUR 20K at 1.2430, SL 1.2366, TP 1.2376


$-Yen @ 110.42/46....Selling now
------------------------------------------------
R: 110.66-77 / 111.08 / 111.44
S: 110.31-27 / 109.95 / 109.70
200-MA at 110.66 on the 4-hour chart seems to be holding as Resistance for now. While it holds, the market can come down towards 110.00 or even 109.75. Chance of 109.50 and lower also cannot be ruled out for next week. But in case the market rises past 110.77, we would have to start targeting 111.44.

We've missed our Sell Order (110.62) by a pip today. Willing to sell just now.

Trade:
Sell $25K at current level, SL 110.87, TP 109.98


Euro-Yen @ 137.16/21....Range trade
-----------------------------------
R: 135.35 / 137.66
S: 136.99-89 / 136.63
The trading range is narrowing. Immediate range 137.33 and 136.57. Broader range 137.66 and 136.57.

Orders:
Sell EUR 20K at 137.52 (up from 137.34), SL 137.80, TP 136.82

Buy EUR 20K at 136.61, SL 136.31, TP 137.00


$-Swiss @ 1.2420/25....Staying out
----------------------------------------------
R: 1.2462 / 1.2515 / 1.2544-52
S: 1.2393 / 1.2367 / 1.2305
Dollar-Swiss is higher than it was in the morning, having found intra-day Support at 1.2388 (just above the 1.2375-65 region indicated in the morning). But it continues to find Resistance at 1.2462, both on the Daily as well as the 4-hour chart. While this Resistance holds, the Dollar continues to be vulnerable to a fall towards 1.2395-65, if not lower.

A rise above 1.2462 would bring greater confidence into the Dollar.


Cable @ 1.8367/72....Willing to miss the bus
---------------------------------------------
R: 1.8392-8408 / 1.8439 / 1.8503
S: 1.8360 / 1.8328 / 1.8296
The Cable continues to move essentially sideways. Technically, we would like to sell either jst below 1.8439 or below the day's low of 1.8328. Else we may buy above 1.8440. Willing to miss the bus, but would rather trade after the trend is revealed.



Aussie @ 0.7710/15...Rise to 0.7738?
-----------------------------------------------
R: 0.7724-38 / 0.7760-80
S: 0.7680-57 / 0.7631-26 / 0.7614-0.7599
The levels near 0.7700 are providing Resistance, but the support at 0.7684-76 and later at 0.7652 are likely to hold for the rest of the day. Currently trading in a tight range of 0.7709-0.7632. A break of Resistance 0.7716 could lead to 0.7738 today. A break above 0.7738 might see it rise towards 0.7800 by tomorrow. On the other hand if it remains below the resistance at 0.7709-16, the bias might turn bearish to 0.7632 and below.



Happy Trading!



 

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