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Monday December 11, 2006 - 12:29:28 GMT
FX Thoughts for the Day - www.fxthoughts.com

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FX Thoughts for the day - Evening - 11-Dec-2006...1215 GMT

EURO, JAP YEN and EURO-YEN
---------------------------
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register

Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are
given below
---------------------



$-Swiss @ 1.2063/68.....Support at 1.1980
-----------------------------------------
R: 1.2080 / 1.2120
S: 1.2021 / 1.1990
$-Swiss has come off a bit since the morning as the pair could now stay in
the 1.1990 – 1.2100 range for the next couple of days. For today, the
Resistances are coming in at 1.2080 and then at 1.2120 (High of 29-Nov).
Note that the statistically projected Max High for the day is at 1.2109. On
the downside the Support is at 1.2021 (low so far during the day) and then
at 1990. The statistically projected Max Low for the day is at 1.2008. We
would recommend buying on a dip to 1.2010 with stop below 1.1980 as an
intraday trade.


Cable @ 1.9480/5....Bearish, sell rally
---------------------------------------
R: 1.9550 / 1.9570 / 1.9588
S: 1.9466 / 1.9445
The Cable rallied briefly during the day to a high of 1.9570 during the day
and then has come off sharply since then. We recommended selling on a rally
to 1.9570 in the morning, and those who took the trade may look to book
their profits now. For today, the Resistances for the pair could come in at
1.9550 and then at 1.9588, the statistically projected Max High for the
day. On the downside the Supports are coming in at 1.9466 (low so far) and
then at 1.9445, the statistically projected Max Low for the day. The bias
for the day is bearish while the pair is trading below 1.9570 and rally to
1.9550 may be used to sell with stop above 1.9590 as an intraday trade.
Target may be near 1.9370-80.

Order:
Sell GBP 15K at 1.9550, SL 1.9610, TP 1.9400. Else, look to sell a decline
past 1.9460.




Aussie @ 0.7830/4.....Buy dip
-----------------------------
R: 0.7843 / 0.7960-61
S: 0.7811 / 0.7990
The Aussie had a brief spike to a high of 0.7858 during the day but could
not sustain there. It has been trading below that since then. 0.7843-58
would be an important Resistance for the day and must be overcome (on a
closing basis) for the uptrend to reinstate itself. If so, then the pair
may rise towards 0.7860. Note that the statistically projected Max High for
the day is at 0.7861. On the downside the Supports are coming in at 0.7812
(today’s low so far) and then at 0.7790. Note that the statistically
projected Max Low for the day is at 0.7811, so it is possible that the pair
has already tested the Max Low for the day. We would like to buy a sharp
fall in the pair for a bounce back.

Order:
Buy AUD 20K at 0.7795 (up from 0.7790), SL 0.7740, TP open




Happy Trading!

 

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Mon 18 Dec
10:00 EZ- final HICP
Tue 19 Dec
09:00 DE- IFO Survey
13:30 US- Housing Starts/Permits
13:30 US- Current Account
Wed 20 Dec
15:00 US- Existing Homes Sales
15:30 US- EIA Crude
Thu 21 Dec
03:00 JP- BOJ Decision
13:30 CA- CPI & Retail Sales
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13:30 US- GDP
Fri 22 Dec
09:30 US- GB- GDP
13:30 US- core PCE Deflator & Presonal Income
15:00 US- New Homes Sales
15:00 US- final University of Michigan
17:00 US- early Closes
Mon 25 Dec
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  • POTENTIAL PRICE RISK: HIGH- Medium- Tue --13:30 GMT-- US- Housing Starts and Permits. Leading indicators of activity

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