Intraday Market Thoughts

Archived IMT (2010.03.19)

by Ashraf Laidi
Mar 19, 2010 14:43

USD EXTENDS GAINS gains after bottoming above 80 yesterday, with GBP joining the sell-off against USD pairs, eyeing $1.4970 into early Sunday Asia. EURUSD eyeing interim support of $1.3470 after 300-pip decline in past 3-days. AUDUSD failed the weekly trend line resistance of 0.9250 from the Nov high, calling for 0.9120 prelim target. QUADRUPLE WITCHING DAY seen increasing the volatility and sell-off in commodities. CHF was given an unexpected verbal boost from new SNB board member Danthine who said in his first speech that markets must prepare for higher rates. Such shockingly positive news for CHF was least expected especially as markets anticipated remarks that would weaken CHF. Nonetheless, EURCHF did bottom right above the Oct 2008 low of 1.4300. Register for ASHRAFs VANCOUVER SEMINAR tomorrow MONTREAL + TORONTO follow next.


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