Friday August 24, 2007 - 13:02:16 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 24-Aug-2007....1200 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
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
USD-CHF @ 1.2012/17â€¦â€¦â€¦.On Support of 1.2000
R: 1.2050 / 1.2090
S: 1.2000 / 1.1986 / 1.1960
USD-CHF has fallen during the day and with that the pair has come close to the lower end of its trading range of 1.2100 â€“ 1.2000. At the moment the Support of 1.2000 is holding however if that breaks, then there could be a fall initially towards 1.1986, the statistically projected Max Low for the day. Below that the important Support is at 1.1960-50.
On the upside the Resistance is at 1.2050 and then at 1.2090. The bias for the pair is neutral while 1.2000 holds. A sustained break of this would turn the bias to be bearish going into next week.
US Durable goods are coming out today. See chart at
GBP-USD @ 2.0045/48â€¦â€¦Bullishness continues
R: 2.0050 / 2.0090 / 2.0118
S: 1.9970 / 1.9930-21
GBP-USD had a brief break below 2.0000 during the day but the pair has quickly moved back above that indicating that the pair continues to see buying currently. Currently the immediate Support is at 1.9970, which needs to be broken to display caution. If that is broken then there may be a fall towards 1.9930-21, the statistically projected Max Low for the day.
For the day on the upside the Resistance is at 2.0050 and then at 2.0090. The statistically projected Max High for the day is at 2.0118. While above 1.9970, the bias for the pair continues to be positive.
AUD-USD @ 0.8203/07â€¦â€¦â€¦..Bullish biased currently
R: 0.8250 / 0.8285
S: 0.8160 / 0.8131
AUD-USD has been consolidating so far in the day after the sharp rally over the last couple of days, and the pair continues to show strength. The pair is currently trading near its Support of 0.8190, which comes on the trendline on the 4-Hourly, joining the lows of 0.7674 (17-Aug) and 0.7973 (22-Aug). Below this the Support is at 0.8160 and 0.8131, the 200-MA on the daily.
On the upside the pair could move towards 0.8300 over today/early next week. In the interim, the Resistance for the day would be at 0.8250 and 0.8285, the statistically projected Max High for the day. The pair is bullish biased currently while it holds above 0.8131 on a sustained basis.
Forex Trading News
Daily Forex Market News
Forex news reports can be found on the forex research
headlines page below. Here you will find real-time forex market news reports
provided by respected contributors of currency trading information. Daily forex
market news, weekly forex research and monthly forex news features can be found
Real-time forex market news reports and features providing
other currency trading information can be accessed by clicking on any of the
headlines below. At the top of the forex blog page you will find the latest
forex trading information. Scroll down the page if you are looking for less
recent currency trading information. Scroll to the bottom of fx blog headlines
and click on the link for past reports on forex. Currency world news reports
from previous years can be found on the left sidebar under "FX Archives."