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FX Thoughts for the Day

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


USD-CHF @ 1.0047/50...May achieve "parity"
R: 1.0110 / 1.0150-70 / 1.0230
S: 1.00-0.9980 / 0.9888 / 0.9841

Swiss has broken on the downside of the range (1.0060-0110) in which it has been trading for sometime as expected and is now moving down towards parity. If the current strength on its downmove continues, we might see a dip towards 0.9900-0.9850 in the coming days/weeks. Any sharp upmove is not looking likely now. However, if a bounce back is seen from 1.0, we might see a rise towards 1.0100-50.

Limit Sell Order:
Sell USD 10K at 1.0130, SL 1.0220, TP Open
GBP-USD @ 1.6649/53...Falls post unemployment figures
R: 1.6800 / 1.6886-90
S: 1.6603 / 1.6560

Cable has fallen once again after surging towards 1.6797. It has recorded a Low of 1.6618 and has stopped us out of all the three Longs. The rise past 1.6750 can be regarded as a spike and if this Resistance which is the upside of the channel on the 1H holds, expect the pair to be ranged between 1.66-68 over the next couple of days.

The Cable fell after the better than expected unemployment numbers. The Projected Max High and Low for the day is at 1.6890 and 1.6603 respectively.

 AUD-USD @ 0.9310/15...Support at 0.9280
R: 0.9330-50 / 0.9420-40 / 0.9515
S: 0.9280 / 0.9250 / 0.9180

Aussie broke above the previous high of 0.9327 (21-Oct) during the day. However, it has fallen from the high of 0.9344 and is now trading just above 0.9300. The bigger picture continues to remain bullish and a break above 0.9350 might target 0.9500 in the coming days/weeks. On the downside, a break below the Support at 0.9280 might pull it down towards 0.9250-30.

Limit Buy Order:
Buy AUD 10K at 0.9280, SL 0.9190, TP Open

Happy Trading!

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