Friday October 5, 2007 - 12:21:39 GMT
FX Thoughts for the Day - www.fxthoughts.com
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FX Thoughts for the day - Evening - 05-Oct-2007....1155 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
http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 1.1762/65...Important Support at 1.1740
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R: 1.1770 / 1.1810
S: 1.1740 / 1.1710 / 1.1680
USD-CHF has held 1.1740 during the day, however the pair has been unable to build on its gains. That level continues to be an important Support and a break below that would result in a fall towards 1.1710 and 1.1685, the statistically projected Max Low for the day.
On the upside the Resistance is at 1.1810 and 1.1840. The pair is bullish biased for the day (marginally) while it trades above 1.1740 on a 4-Hourly close basis. A large move is likely later on in the day.
GBP-USD @ 2.0391/96...Choppyness all around
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R: 2.0420 / 2.0450 / 2.0500
S: 2.0340 / 2.0300
GBP-USD has continued to be choppy during the day and the pair is currently trading near the highest level for the day. The view remains unclear. In the longer term (2-3 weeks), the pair is currently stuck between a range of 2.0500 and 2.0200.
For today the Resistance is at 2.0420 and 2.0450. On the downside the Support is at 2.0340 (already tested once) and then at 2.0300. We are out of the pair currently, but one could try and trade a range of 2.0250-0450.
AUD-USD @ 0.8924/28...Towards 2007 High of 0.8954
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R: 0.8954-60 / 0.9000
S: 0.8890-80 / 0.8850
AUD-USD displayed bullishness during the day and the pair has moved above its important level of 0.8890 and it currently looks to be headed towards 0.8954-60, which comes on the strong trendline Resistance on the weekly joining the highs of 0.6745 (June 1999), 0.8010 (Feb-04) and 0.8876 (July-07). This Resistance is likely to hold, however if crossed, then there could be a rally towards 0.9000. Note that 0.8954 is the highest level, which the pair has seen since 1989 and is the 2007 High.
For today, the Support is at 0.8890-80 and then at 0.8850. The pair is currently ranged within 0.8800 and 0.8960 and it is moving “up” within the range.
Happy Trading!
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