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FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 01/08/10


USD-CHF @ 1.0360/63...Mixed
R: 1.0365 / 1.0400-30 / 1.0480
S: 1.0330 / 1.0280-50 / 1.0200

Swiss is continuing to trade silent in a narrow range of 1.0330-70. As no significant move on either side was not seen duirng the day our view continue to remain the same. Immediate Resistance is seen at the 21-DMA (currently at 1.0365). A strong break above the 21-DMA might see a rise towards 1.0400-30 in the US session today. On the downside Support is seen at 1.0330 a break below which might pull it down towards 1.0280-50. The pair is looking mixed now and we would have to wait and watch the market to get a clear picture of the direction of move.
GBP-USD @ 1.6010/14...Max High at 1.6820
R: 1.6056-88 / 1.6184 / 1.6244-56
S: 1.5991-50 / 1.5868 / 1.5804

The Cable has risen during the day and recorded a high of 1.6036. Further upside is likely to be contained near the Max High for the day which is at 1.6082. A rise therafter, though not likely, may meet the channel Resistance on the daily candles near 1.6180. The pair has been oscillating in a bear channel over the last several days; the bounds for which are 1.6180 and 1.5714 today.

Overall the Cable is bearish and we expect a test of 55-week MA (1.5658) eventually over the course of next few weeks.

 AUD-USD @ 0.9146/50...Support in 0.9120-00 region
R: 0.9185 / 0.9250 / 0.9330
S: 0.9120-00 / 0.9050 / 0.9020

The Support region 0.9120-00 mentioned in the morning edition held during the day and Aussie has risen from the low of 0.9123. The broader picture continue to remain bullish With the strong Support region 0.9120-00 and might see a rise once again towards 0.9250-0.9300 in the coming days. A break below 0.9100 might pull it down towards 0.9050.

Limit Buy Order:
Buy AUD 10K at 0.9080, SL 0.8990, TP 0.9330

Happy Trading!

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