Thursday September 6, 2007 - 12:33:44 GMT
Share This Story
FX Thoughts for the Day - www.fxthoughts.com
FX Thoughts for the day - Evening - 06-Sep-2007....1140 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 @ 1.2034/39....Support at 1.2030-25
R: 1.2060 / 1.2090
S: 1.2030-25 / 1.2000 / 1.1960
USD-CHF has fallen during the day and with that the pair has come near an important Support of 1.2030-25, which comes on the small trendline on the 4-Hourly joining the lows of 1.1961 (28-Aug) and 1.1989 (31-Aug). While the Support holds, there could be a bounce back possibly towards 1.2060 once again. Above that the Resistance is at 1.2090.
On the downside the Support below 1.2030 is at 1.2000 and 1.1960. The bias for the pair is neutral and there are no favorable trading opportunities in the pair currently.
GBP-USD @ 2.0185/90......Support at 2.0140
R: 2.0250 / 2.0290
S: 2.0140 / 2.0100 / 2.0060
The BOE met earlier today and they have kept the interest rates unchanged at 5.75%. GBP-USD hit a high of 2.0265 during the day and then the pair has come off once again. The pair is currently near an important Support of 2.0200-2.0180 and a sustained break of this could cause a fall towards 2.0140 later today. The Support below 2.0140 is at 2.0100.
On the upside the Resistance is at 2.0250 and then at 2.0290. The Support to watch would be 2.0140 and a sustained break below that could cause a bigger fall later on in the week/early next week.
See UK Interest rate and GBP Libor chart at
AUD-USD @ 0.8232/36....Support at 0.8180
R: 0.8280 / 0.8330
S:0.8220 / 0.8180
AUD-USD rallied to a high of 0.8278 during the day, near the top of the small trading range of 0.8280 and 0.8170 within which it has been trading this week so far. No large move in the pair is expected later today and the pair is expected to stay ranged.
For today the Resistance above 0.8280 is coming in at 0.8330, the statistically projected Max High for the day. On the downside the Support is at 0.8220 and then near 0.8180-75, which comes on the trendline on the 4-Hourly, joining the lows of 0.8049 (29-Aug) and 0.8108 (31-Aug). The pair could be considered a buy if a dip is seen.
Limit Buy Order:
Buy AUD 15K at 0.8180, SL 0.8140, TP 0.8260
Australia Labor Force came out better than expected earlier today. See chart at
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."