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FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 10/23/09


Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below

USD-CHF @ 1.0071/74...May acheive "parity"
R: 1.0062-88 / 1.0110-33 / 1.0174
S: 0.9992 / 0.9886 / 0.9847

Dollar-Swiss has risen towards 1.0084 thus stopping us out of the Short at 30 pips profit. It is likely to move towards parity during the US session or by the beginning of next week. Once there, it might rise towards 1.0100 as 1.0000 is likely to act as a strong psychological Support. But if it rises, it is likely to be contained near 1.0090-1.0100. Some major correction can be underway once Swiss Franc trades at parity to Dollar.

But if it continues to fall beyond 1.0000 without any corrective bounce, expect the fall to be contained near 0.9886. The Projected Max High and Low for the day is at 1.0124 and 0.9992 respectively. 

GBP-USD @ 1.6373/75...Crashed post-GDP numbers
R: 1.6525 / 1.6590
S: 1.6318-6290 / 1.6221

Cable crashed post dismal GDP data release. The free fall from 1.6793 can possibly be contained near 1.6318-6290. This week, it has risen on the Support of the 8-week MA at 1.6221, that might be tested on a break of the above Support.

Rather stay from the pair for a while till some clarity. Nearly one-third of the rise over last two weeks has been negated by a crash in just a couple of hours. Luckily we moved our TSL higher just before the crash and we bagged 80 pips from the Long.

AUD-USD @ 0.9249/52...Bullish for 0.9350
R: 0.9350-77 / 0.9412 / 0.9520
S: 0.9231-02 / 0.9178-55 / 0.9116

Aussie has remained ranged through the day. The view on the pair continues to be the same as in the morning and is being reiterated below:

"It has been moving in a bullish channel on the 1H chart, the bounds for which are 0.9201 and 0.9377. We expect the pair to rise towards the higher end of the channel over the next few sessions. Though the projected Max Low for the day is at 0.9178, we do not expect the pair to break below the channel during the day."


Happy Trading!

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