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FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 11/16/09


USD-CHF @ 1.0085/90...Holding Short
R: 1.0100 / 1.0130-50 / 1.0185-0200
S: 1.0050-30 / 1.000 / 0.9950

After falling and recording a low of 1.0065, Swiss has risen slightly and is now trading just below 1.0100. Our view continue remain the same on the pair. Any sharp upmove is not looking likely now. However, a strong break above 1.0100 might see a rise towards 1.0130-50 in the US session today.

On the other hand, if it fails to see a break above 1.0100 and continues to trade below 1.0100, we might expect a break below the significant Support region 1.0050-30 in the coming session which might see further dip towards 1.00-0.9950 in the coming days.

USD 10K Short at 1.0185, TSL 1.0145 (down from 1.0165), TP Open
As soon as the market trades 1.00455 bring the TSL down to 1.0115

GBP-USD @ 1.6700/04...Support at 1.6630-00
R: 1.6730 / 1.6854-1.6900
S: 1.6665 / 1.6630-00 / 1.6568

Cable has dipped a little during the day. Any dip during the day is likely to be contained near the Support region 1.6630-00. Immediate Support is available at 1.6665. Till this Support holds, the pair may rise towards 1.6780 during the US session.

The trendline Support mentioned in the mornigng would be crucial. If honoured, the pair may rise towards 1.6780. Else, a break may be very bearish targeting 1.6500-6450.

Limit Buy Order:
Buy GBP 10K at 1.6630, SL 1.6580, TP 1.6750

 AUD-USD @ 0.9326/30...Support in the region 0.9320-00
R: 0.9370 / 0.9400-10 / 0.9480
S: 0.9320-00 / 0.9250 / 0.9220-00

Aussie is trading in a range of 0.9320-55 for some time. Failure to see a strong break above 0.9350 during the day, is keeping the pressure on the downside. Support is seen in the region 0.9320-00, a break below which might see 0.9230-00 on the downside in the US session today. Note that the projected Max-Low for the day is 0.9222. However, the broader picture continue to remain bullish and if 0.9300 holds in the US session today and the pair gains upside momentum, we might see a rise towards 0.9370-0.9400. A break and a further upmove above 0.9400 might see 0.9480-0.9515 on the upside in the coming days.

Limit Buy Order:
Buy AUD 10K at 0.9255, SL 0.9175, TP Open

Happy Trading!

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