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FX Thoughts - Evening II - 09-May-2008 Evening Edition 1805 IST or 1235 GMT or 0835 EST
USD-CHF @ 1.0429/33...Bearish for 1.0290 ----------------------------------------
R: 1.0454 / 1.0490-0500 S: 1.0398 / 1.0351 / 1.0310-0280 Looking quite bearish, with potential for a fall towards 1.0290. Resistance at 1.0450. Look to sell if you want. Not Long at all.
GBP-USD @ 1.9456/60...Could fall towards 1.9330 ------------------------------------------------
R: 1.9542 / 1.9602-33 S: 1.9420 / 1.9375 / 1.9279 The Cable is now trading below 1.9500, at a very crucial Support level. If this breaks, a fall towards 1.9330 is possible. A rise past 1.9540 would be needed to cast a doubt/ negate the downside.
R: 0.9416 / 0.9440 / 0.9512 S: 0.9340-30 / 0.9292 The Aussie is likely to continue to trade sideways between 0.9330-9530 for some more days, possibly for a few more weeks. In the longer term, it is gearing up for a big move of 300-500 points, which could see it either rise towards 1.00 or fall towards 0.90. This might be a time to start paying Aussie Vols, as they are quite likely to increase in the months ahead.
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