• Online Forex trading Community

FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 10/21/09


USD-CHF @ 1.0131/35...Ranged thorugh the day
R: 1.0144-63 / 1.0181-90 / 1.0250
S: 1.0065 / 0.9928 / 0.9886

Not much movement during the day. It has recorded a low of 1.0092 and has ranged since then. The Projected Max High has come down to 1.0181 and the pair looks bearish for a fall below the Projected Max Low at 1.0065.

Overall the pair continues to move lower gradually. As mentioned in the morning, any sharp upside is likely to be contained near the 61.8% retracement of the fall from 1.0352 (12-Oct) to 1.0082 (20-Oct) near 1.0250. Also, the 21-DMA is at 1.0259.

Limit Sell Order:
Sell USD 10K at 1.0140, SL 1.0210, TP Open

GBP-USD @ 1.6568/72...Breaks the Resistance
R: 1.6613-38 / 1.6825 / 1.6971
S: 1.6511 / 1.6424-18 / 1.6375-47

Cable rose during the day as the Resistance at 1.6450 sighted earlier broke. This makes the pair bullish for a further rise over the next few days towards 1.6825. There's slight Resistance at 1.6638 which may be tested during the day. Possibly, there ought not be any looking back and the pair could rise after a brief correction towards 1.6475 during the day.

Limit Buy Order:
Buy GBP 10K at 1.6480, SL 1.6400, TP Open

 AUD-USD @ 0.9199/9203...Support at 0.9187
R: 0.9240-50 / 0.9308 / 0.9363
S: 0.9187 / 0.9150-47 / 0.9050-30

Aussie has consolidated between 0.9210 and 0.9285 during the day and is looking to come down and test the Support at 0.9187 (21-SMA on the 8H). Our view continues to be the same and a break of this Support might call for a correction towards 0.9030. Else, if it holds, the pair may consolidate further during the US session for a gradual rise over the next few days. The target of 0.94-95 looks possible over the next few days.

Happy Trading!

Main Menu