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FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 11/23/09


USD-CHF @ 1.0094/97...Holding Short
R: 1.0100 / 1.0130-50 / 1.0180-0200
S: 1.0050-30 / 1.0-0.9980 / 0.9950

Swiss continued its downmove during the day and has broken below the Support at 1.0100 metioned earlier. 1.0050-30 is the next significant Support region to be watched for, a strong break below which might see further dip towards 0.9980-50 in the coming sessions. Any sharp upmove is not looking likely now as the pair is remaining strong on the downmove and we expect the downtrend to continue. However, a strong break above 1.0100 might see 1.0130-50 on the upside in the US session today.

USD 10K Short at 1.0160, TSL 1.0145 (down from 1.0235), TP Open
As soon as the market trades 1.0060 trail bring TSL to 1.0130

GBP-USD @ 1.6614/17...Resistance at 1.6665
R: 1.6653-76 / 1.6755
S: 1.6570 / 1.6525 / 1.6470-46

Cable has honoured the Support at 1.6460 and has risen during the day. There don't seem to be too many hurdles on its way up except for 1.6665. Beyond this, the pair may rise towards 1.6750-1.6800 over the course of the week. If 1.6459 seen on Friday turns out to be the bottom in the shorter term charts, the bullish channel formed by joining the highs at 1.6693 (23-Oct), 1.6843 (9-Nov) and the lows of 1.6260 (3-Nov), 1.6459 (20-Nov) may help the pair rise towards 1.70-->1.72 over the next few weeks.

Overall the range for the week may potentially be 1.6330-1.6800

 AUD-USD @ 0.9240/44...Bullish
R: 0.9270 / 0.9330 / 0.9380-0.9400
S: 0.9200-0.9180 / 0.9120-00 / 0.9050

Aussie has broken above the Resistance in 0.9210-30 region mentioned earlier and is keeping up the overall bullish sentiment intact. If the current strength on its upmove continues, a break above the immediate Resistance at 0.9270 might take it up towards 0.9300-30 in the US session today. On the other hand if the Resistance at 0.9270 holds, we might see a pull back towards 0.9200-0.9180 in the US session. On the downside 0.9120-00 is the significant Support region to be watched for.

Limit Buy:
Buy AUD 10K 0.9135, SL 0.9045, TP Open

Happy Trading!

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