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FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 11/18/09


USD-CHF @ 1.0090/95...Bearish
R: 1.0170 / 1.0200-10 / 1.0280
S: 1.0080-70 / 1.0050-30 / 0.9950

Swiss has fallen sharply during the day breaking below the Support at 1.0130 mentioned earlier. The overall downtrend is intact and we might see a downmove towards 1.0050-30, which is the significant Support region seen on the downside. A strong break below this Support region might trigger further downmove towards 0.9950 in the coming days. Any sharp upmove is not looking likely now. Resistance is seen at 1.0170 which we expect to hold in the US session if any bounce back is seen.

Limit Sell Order:
Sell USD 10K at 1.0160, SL 1.0235, TP Open

GBP-USD @ 1.6818/21...Ranged
R: 1.6875-6925 / 1.6962 / 1.7042-67
S: 1.6737-17 / 1.6670 / 1.6570

Cable continued to trade in the range during the day. Having consolidate and honoured the Support at 1.6725-50, we would expect the pair to make a strong move ahead towards 1.6925 during the US session. Only on a break above the Resistance region mentioned in the morning, would we believe in increased chances of 5-Aug high of 1.7042 being breached. However a pullback may bring the pair down towards 1.6670.

Limit Buy Order:
Buy GBP 10K at 1.6680, SL 1.6620, TP Open

 AUD-USD @ 0.9336/39...Holding Long
R: 0.9400 / 0.9480 / 0.9515
S: 0.9270 / 0.9225-00 / 0.9180

The Support at 0.9270 mentioned earlier has held and Aussie has risen during the day as expected thereby keeping the bullish sentiment intact. If it continues to trade above 0.9300, we might see a rise once again towards the Resistance at 0.9400 in the US session today. Note that the projected Max-High for the day is 0.9399. A strong break above 0.9400 would trigger fresh rally towards 0.9480-0.9515 in the coming days. Any sharp downmove is not looking likely now and we expect the Support at 0.9270 continue to hold in the US session. However, a break below 0.9270 might pull it down towards 0.9225-00.

AUD 10K at 0.9255, SL 0.9265 (Up from 0.9175), TP Open
As soon as the market trades 0.9375 trail SL to 0.9305

Happy Trading!

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