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Tuesday January 10, 2006 - 12:10:08 GMT
FX Thoughts for the Day - www.fxthoughts.com

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FX Thoughts for the day - Evening - 10-Jan-2006....1204 GMT

Euro @ 1.2094/7....May rally to 1.2135-50
---------------------------------------
R: 1.2135-50 / 1.2185
S: 1.2066 / 1.2035
Missed going Long by a few pips (our Buy Order was at 1.2030 and the Low was 1.2035). See decent chances of a rally to 1.2135-50 tonight. An immediate fall below 1.2066 would negate.

Trade:
Buy EUR 20K at current level, SL 1.2056, TP 1.2138.




$-Yen @ 114.24/8....May dip to 113.75
--------------------------------------
R: 114.45 / 114.75
S: 113.75-70 / 113.50
We were unable to sell at 114.80 and the price has dropped since the morning. Yesterday's Support at 113.75 is important today as well. Below that, we would target 113.50, but would not expect a break thereof. Some profit-taking/ short-covering of the big fall from 121.35 may be expected.





Euro-Yen @ 138.13/18....Crucial Support 137.80-50
--------------------------------------------------
R: 138.35 / 138.68 / 139.04
S: 137.80-66 / 137.25-12
Currently ranged between 137.80-66 on the downside and 138.35 on the upside. A break below 137.66 would be very significant, opening up the path towards 136.00. On the other hand, while the Support holds, there would be chances of a rise past 138.35, to take the Cross up towards 138.68 and even 139.00-05.




$-Swiss @ 1.2767/72.....Sideways range
--------------------------------------
R: 1.2819-34 / 1.2872
S: 1.2734 / 1.2700 / 1.2675
The market has been more or less ranged since the morning. 200-day MA at 1.2675 is the Support on the downside. Resistance in the 1.2830-75 region. Might stay ranged sideways between 1.2700-2835 for a while. Wider range 1.2675-2875. No trades.


Cable @ 1.7678/83...Strong resistance at 1.7700-27
-----------------------------------------------
R: 1.7700 / 1.7727 / 1.7765
S: 1.7643-36 / 1.7554
There has been an intraday bounce to 1.7700 resistance, but was unable to carry above this level. This signifies that 1.7700-27 is a crucial resistance for the pair to rally higher. The level at 1.7643 is established as a strong support for the day and while it holds, the pair might range between 1.7643-1.7700 with a bearish bias. Failure to rise above 1.7727 today might make the support at 1.7643 vulnerable to break and see the pair fall to 1.7560 by tomorrow. No trades.




Aussie @ 0.7525/30....Holding Short
-----------------------------------
R: 0.7549-55 / 0.7582
S: 0.7481 / 0.7449
The early hour dip seen during the day has attracted good buying interest, contrary to expectation. This has tested the resistance at 0.7524 mentioned in the morning, but a convincing rise above 0.7548 has to be awaited to negate the bearish view of 0.7450. While the resistances at 0.7524 and 0.7549 hold for the day, there are chances of a dip back below 0.7500 later today.

On the other hand the pair could gain impetus to rally to 0.7600 and above, if the resistance at 0.7548 is broken today. Holding short and watching the mentioned resistances.

Holding :
AUD 30K Short at 0.7510, SL 0.7545, TP 0.7465.




Happy Trading!



 

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