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FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 01/13/10


USD-CHF @ 1.0163/67...Ranged with bearish bias
R: 1.0220 / 1.0270 / 1.0320
S: 1.0130 / 1.0080 / 1.0050-30

The 55-DMA Resistance (1.0220) mentioned earlier, held very well during the day and Swiss has fallen from the high of 1.0218. The lower end of the range (1.0130-1.0220) in which it has been trading over the last couple of days might be tested in the US session today. As mentioned earlier a break below 1.0130 might pull it down towards 1.0050-30. Overall the pair is still within the range with bearish bias.
GBP-USD @ 1.6270/74...Max High at 1.6296
R: 1.6285-96 / 1.6332-48 / 1.6439
S: 1.6171-54 / 1.6070-66 / 1.6105

Cable rose during the day and we exited the Short early so as to avoid a higher loss. We lost 39 pips in the process.

Till the Resistance at 1.63 continues to be overhead, we would be hopeful of an eventual decline towards the 55-week MA (1.5687). If the Resistance near 1.63 were to be broken we would have to revisit our bearish stance on Cable. The Projected Max High and Low for the day is at 1.6296 and 1.6105 respectively.

 AUD-USD @ 0.9237/40...Bullish
R: 0.9270 / 0.9330 / 0.9410
S: 0.9200-0.9180 / 0.9130-00 / 0.9060

Aussie is continuing to trade above 0.9200. Much momentum is not seen on its upmove which still keeps the chances of testing the significant Support region 0.9200-0.9180 once again. However, the broader picture continue to remain bullish and we expect the Support in 0.9200-0.9180 region to hold. On the upside 0.9330 is the significant Resistance seen which might be tested in the coming sessions. A strong break above 0.9330 might see a rise towards 0.9400-30.

Happy Trading!

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