Thursday May 24, 2007 - 13:18:35 GMT
FX Thoughts for the Day - www.fxthoughts.com
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FX Thoughts for the day - Evening - 24-May-2007....1225 GMT
EURO, JAP YEN and EURO-YEN
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Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 1.2273/78.……Support at 1.2240
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R: 1.2320-30-37 / 1.2370
S: 1.2265 / 1.2240 / 1.2200
USD-CHF continues with a slight bullish bias during the day and the pair is likely to once again head up from here to test its 200-MA on the daily of 1.2318. The pair needs to sustain a move above that level, as the pair has already failed near that twice in the week so far. A sustained move above 1.2320-30 may result in a rally towards 1.2370-76, which comes on a trendline on the monthly candles joining the highs of 1.3232 (March-06) and 1.2555 (Feb-07). Note that the statistically projected Max High for the day is at 1.2337.
On the downside the Support is at 1.2265 and then at 1.2240, yesterday’s low. A break below the latter (unexpected) could result in a fall towards 1.2200, which comes on the trendline on the 4-Hourly joining the lows of 1.1994 (25-Apr) and 1.2126 (15-May).
The bias for the pair is currently bullish and dips to 1.2240 should be use dto buy with a stop below 1.2200 targeting 1.2300.
GBP-USD @ 1.9870/75……..Resistance at 1.9900-10
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R: 1.9900-05 / 1.9929-35
S: 1.9840 / 1.9800
GBP-USD has been holding on to the gains, which were seen in the pair yesterday. However, the pair has not been able to follow up on those gains so far. The important Resistance, which would be watched out today, is at 1.9900-05, which is coming in on the trendline on the 4-Hourly, joining the Highs of 2.0134 (18-Apr) and 2.0001 (09-May). The pair remains within its 4-week long correction while that is not taken out on a weekly close basis. However, intraday if that is crossed then there could be a rally towards 1.9929, the statistically projected Max High for the day.
On the downside the Support is at 1.9840 and then at 1.9800. The bias for the pair is cautious currently. A shall short may be attempted near 1.9900 with a SL above 1.9940 targeting 1.9800.
AUD-USD @ 0.8220/25…….Resistance at 0.8270
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R: 0.8230-35 / 0.8270
S: 0.8200 / 0.8170
AUD-USD has been consistently trading with an offered bias currently and it is possible that the pair may fall towards 0.8170 later on today or tomorrow. The immediate Support is at 0.8200 and a break below that is likely to result in a fall towards 0.8170, its May 2007 Low do far.
On the upside the Resistances are at 0.8230-35 and then at 0.8270. The current bias for the pair is bearish. No trades currently.
Happy Trading!
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