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FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 01/04/10


USD-CHF @ 1.0336/40...Might test the significant Support at 1.0280
R: 1.0380-90 / 1.0435 / 1.0480-1.0500
S: 1.0320 / 1.0280 / 1.0220-00

Swiss has fallen from the high of 1.0419 and is now trading lower just above the Significant Support region 1.0320-1.0280. As mentioned earlier, a break below 1.0280 might pull it further down towards 1.0220-00 in the US session today. On the other hand if this Support region (1.0320-1.0280) continue to hold, we might see a rise once again towards 1.0430-50 in the coming sessions. Remember, the Support at 1.0280 held all through last week. We will have to wait and watch whether this Support will continue to hold or not.
GBP-USD @ 1.6225/29...Broad Resistance zone 1.6270-1.6353
R: 1.6270-81 / 1.6306-20 / 1.6353
S: 1.6152-46 / 1.6120 / 1.6062

The Cable has risen during the day. The Support at 1.6078-37 has held. The Projected Max High at 1.6230 has been tested and the pair has come down a bit thereafter. It has broken above the 21-DMA and is likely to test the Resistance zone 1.6270-1.6353 on the weekly chart. This region contains the 8-, 13- and 21-week MA. A rise above the Max High may test the abovementioned Resistance zone. We do not see it breaking above this zone over the next few days.

 AUD-USD @ 0.9061/65...Might rise towards 0.9100-30
R: 0.9100-30 / 0.9180 / 0.9280
S: 0.9010-00 / 0.8965 / 0.8920-0.8890 /

Aussie has risen during the day breaking above the Resistance at 0.9030. As mentioned earlier, we might see further rise towards 0.9100-30 in the coming sessions. A break above 0.9130 might see 0.9180 on the upside. Any sharp downmove is not looking likely now. Significant Support is seen in 0.8920-0.8890 region which we expect to hold if any sharp downmove is seen in the US session today.

Limit Buy Order:
Buy AUD 10K at 0.8920, SL 0.8830, TP Open

Happy Trading!

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