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FX Thoughts for the Day
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FX Thoughts for the Day
Tue, May 13 2008, 12:37 GMT
by Kshitij Consultancy Service Team
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 @ 1.0487/90...Intra-day Support at 1.0410
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R: 1.0514 / 1.0560 / 1.0590-0600
S: 1.0418 / 1.0390 / 1.0356 / 1.0324
Dollar-Swiss was looking a little bearish in the morning, but has found intra-day Support at 1.0418. It is looking indecisive now between 1.0410-0515 in the very near term. A rise past 1.0515, if needed, could take the market higher towards 1.0560. Remember that 1.0610-30 was a long-term Resistance that had held last week.
Limit Sell Order:
Sell USD 10K at 1.0575, SL 1.0655, TP 1.0280
GBP-USD @ 1.9495/99...Support at 1.9440
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R: 1.9526 / 1.9600
S: 1.9450-35 / 1.9388
The UK CPI has come out at a very high level of 3.00%, the highest since March-07. Take a look at
http://www.kshitij.com/fundamentals/funcharts/ukcpi.shtml
The Pound initially rallied to 1.9589, but then fell back to 1.9452 after the data came out, on concerns of stagflation.
Looking at the Weekly Candles, we are seeing Support at 1.9440 holding.
Holding:
GBP 10K Long at 1.9466, SL 1.9416, TP 1.9636
AUD-USD @ 0.0426/29...Whipsaw between 0.9360-9500
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R: 0.9450 / 0.9482 / 0.9500
S: 0.9375-60 / 0.9330-24
The Aussie was looking bullish in the morning today but broke through intra-day support at 0.9450 to fall to 0.9400. The market is whipsawing between 0.9360-9500.
Limit Buy Order:
Buy AUD 10K at 0.9370, SL 0.9320, TP 0.9440.
Happy Trading!
Published on Tue, May 13 2008, 12:38 GMT
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