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FX Thoughts for the Day
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FX Thoughts for the Day
Thu, Jul 17 2008, 11:23 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
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 1.0198/202.... Continues to remain mixed.
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R: 1.0250-60 / 1.0300 / 1.0350
S: 1.0150 / 1.0110 / 1.0060
The rise in the pair during the day has bought Swissy close to the Resistance at 1.0200. For the day now, if 1.0200 holds expect a fall towards 1.0150 again. However, a break above the same would lead to a rise to test stronger Resistance at 1.0250-275.
The picture continues to remain uncertain and so we prefer not to trade.
GBP-USD @ 2.0000/03... Could dip in the day.
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R: 2.0035-50 / 2.0100 / 2.0149-60
S: 2.0000 / 1.9950 / 1.9850
It has been a calm day for Cable as it has managed to rise to the near term Resistance at 2.0050. However, the inablilty to rise past 2.0050 could trigger a fall towards the Support region between 1.9950-1.9900, along with a possibility of testing the Max Low for the day at 1.9918.
Later in the day the Phili Fed Index and the US Housing Starts are scheduled for release and could bring some volatility along. To follow the data release click on:
http://www.kshitij.com/fundamentals/calendar/calendar.shtml
AUD-USD @ 0.9746/49...Watch Support at 0.9730.
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R: 0.9792 / 0.9818
S: 0.9750 / 0.9727
The Aussie is behaving well so far, having moved up to 0.9890 during the day. The overall bullishness would get strengthened if the market regains and sustains ground above 0.9780. If not, we would need to watch whether the Support at 0.9730 holds or not. A break below 0.9730 might seriously jeopardise the bullish view.
Holding:
Long 10K AUD at 0.9770, SL 0.9710, TP Open
Long 10K AUD at 0.9774, SL 0.9710, TP Open
Happy Trading!
Published on Thu, Jul 17 2008, 11:36 GMT
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