• Online Forex trading Community

FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 11/10/09


USD-CHF @ 1.0076/80...May achieve "parity"
R: 1.0120 / 1.0150-70 / 1.0230
S: 1.0050-30 / 0.9980 / 0.9920

Swiss is continuing to trade lower. Our view remains the same on the pair. If it continues to trade below 1.0100 we might see it moving towards parity in the coming sessions. Also if the current strength on its downmove continues we might see further dip towards 0.9850-00 in the coming days/weeks. However, Support is seen in the region 1.0050-30. If it holds and the pair gains upside momentum, we might see a rise topwards 1.0150-70.

Limit Sell Order:
Sell USD 10K at 1.0160, SL 1.0240, TP 1.0050

GBP-USD @ 1.6677/81...Resistance at 1.6750
R: 1.6735 / 1.6779 / 1.6886
S: 1.6661 / 1.6610-6590 / 1.6525

Cable has risen from a low of 1.6601 during the day and is inching towards a Short term important Resistance at 1.6740-50. If this barrier is breached, we may see the pair rise once again towards 1.6850 over the next couple of sessions. There might however be some pullback towards 1.6660 on the first testing of this Resistance, but the uptrend is alive and would lead to additional confirmartion of a rise past 1.6750.

On the downside, a fall below 1.6590 would cause further correction towards 1.6525 and next towards 1.6420.

GBP 10K Long at 1.6700, SL 1.6580, TP Open
GBP 10K Long at 1.6645, SL 1.6570, TP Open

 AUD-USD @ 0.9275/78...Bullish
R: 0.9330 / 0.9410 / 0.9465
S: 0.9230 / 0.9170-50 / 0.9120

After falling and recording a low of 0.9256 during the day, Aussie has slightly. The overall picture continues to remain bullish. However, if it continues to trade below 0.9300, a break below 0.9250 might pull it down towards 0.9180-60 in the US session today. On the upside, as mentioned earlier, a strong break above 0.9350 might target 0.9500.

Limit Buy Order:
Buy AUD 10K at 0.9230, SL 0.9140, TP Open

Happy Trading!

Main Menu