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FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 11/12/09


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

USD-CHF @ 1.0112/16...Resistance in the region 1.0135-60
R: 1.0135-60 / 1.0210-30 / 1.2080
S: 1.0080 / 1.0050-30 / 0.9980

Swiss has risen during the day breaking above the Resistance at 1.0100 mentioned earlier. If it continues to trade above 1.0100 we might see a rise towards 1.0150 in the US session today. Resistance is seen in the region 1.0135-60 which we expect to hold as the broader picture continue to remain bearish. Note that the projected Max-Low of the day is 1.0154. However, a strong break above 1.0160-70 might increase the chances of further rise towards 1.0210-30.

Limit Sell Order:
Sell USD 10K at 1.0130, SL 1.0220, TP Open

GBP-USD @ 1.6565/70...Crucial Support
R: 1.6604 / 1.6647 / 1.6698
S: 1.6543 / 1.6503 / 1.6442

Cable fell further and has then bounced a little. The Support at 1.6510 has held on first testing. If it continues to hold, rally towards 1.6850 may happen over the next couple of weeks. Else a break of this Support would target 1.6350 very soon. Hence this is a crucial Support.

Limit Buy Order:
Buy GBP 10K at 1.6510, SL 1.6430, TP Open

AUD-USD @ 0.9302/05...Immediate Support at 0.9280
R: 0.9370 / 0.9430-45 / 0.9515
S: 0.9280 / 0.9230-00 / 0.9180

Aussie has fallen during the day and is now trading near 0.9300. Immediate Support is seen at 0.9280 and if it holds, we might see a rise once again towards the Resistance at 0.9370 in the US session today. As mentioned earlier, a break above the Resistance at 0.9370 might target 0.9500 over the next few days. However, a break and a further downmove below the Support at 0.9280 might pull it down towards the Support region 0.9230-00. We expect this Support region to hold as the broader picture continue to remain bullish.

AUD 10K Long at 0.9280, TSL 0.9295, TP Open.
AUD 10K Long at 0.9310, SL 0.9255, TP Open


Happy Trading!

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