• Online Forex trading Community

FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 01/19/10


USD-CHF @ 1.0331/34...Trading in Resistance region 1.0305-35
R: 1.0305-35 / 1.0380 / 1.0420
S: 1.0270-55 / 1.0220 / 1.0180

Swiss has risen sharply mirroring the fall in Euro after a data release showed a decline in the German Investor confidence. It is now trading in the significant Resistance region 1.0305-35. A break above this Resistance region might see a rise towards 1.0420-50. However, if it holds we might see a downmove once again towards 1.0250-30 in the US session today.

USD 10K Short at 1.0260, SL 1.0340, TP Open

GBP-USD @ 1.6337/41...Holding Long
R: 1.6485-6500 / 1.6663
S: 1.6322-04 / 1.6239

The Cable has fallen as the Dollar has strengthened across most of the currencies after ZEW Economic Sentiment. The Cable first rose towards 1.6458 and has fallen thereafter. Further decline is likely to find Support near 1.6325. Having broken above the 1.6308-55 region on the upside yesterday, the pair has rendered itself bullish for a rise towards 1.6750 over the next few weeks. However, in this correction, the downside potential looks limited to 1.6250. The Projected Max High and Low for the day is at 1.6485 and 1.6304 respectively.

GBP 10K at 1.6350, SL 1.6280, TP Open

 AUD-USD @ 0.9202/06...Holding long
R: 0.9280 / 0.9330 / 0.9380
S: 0.9200-0.9180 / 0.9120-00 / 0.9070

Aussie has fallen during the day and is now trading near the significant Support region 0.9200-0.9180. A break below this Support region might pull it down towards 0.9120-00 in the US session today. However, we continue to remain bullish on the broader picture and might expect a bounce back from this Support region in the coming sessions.

AUD 10K Long at 0.9215, SL 0.9165 (up from 0.9140), TP Open
As soon as the market trades 0.9280 bring the SL up to 0.9220.

Happy Trading!

Main Menu