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FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 12/07/09


USD-CHF @ 1.0215/18...Resistance at 1.0280
R: 1.0220 / 1.0280 / 1.0330
S: 1.0150-30 / 1.0100-0080 / 1.0050

Swiss witnessed a break above the Resistance at 1.0220 mentioned earlier which we expected to hold and recorded a high of 1.0244 during the day. It has fallen slightly and is now trading in the Resistance region 1.0200-20. If it continues to trade above 1.0200, we might see a rise towards the next significant Resistance seen at 1.0280. We will have to wait and watch the market whether the current downtrend is in the process of a reversal. On the downside Support is seen at 1.0150-30.
GBP-USD @ 1.6340/45...Trading below an important Support
R: 1.6375-96 / 1.6480 / 1.6523
S: 1.6322 / 1.6250 / 1.6034

Cable has fallen further and breached the 8-MA (1.6362) on the monthly charts which had been providing strong Support last week. There's next very prominent Support near 1.6250 which if broken may spell disaster for the pair. This is the trendline/ Triangle Support on the weekly candles. However, we would only look towards that target after seeing today's close for a confirmation whether the break of Support at 1.6360 was just a spike. To see the Support, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle

 AUD-USD @ 0.9075/79...Crucial Support at the 13-Week MA (0.9025)
R: 0.9090-0.9100 / 0.9220 / 0.9280
S: 0.9025 / 0.8900-0.8880 / 0.8800

Aussie continued its downmove breaking below the 55-DMA (currently at 0.9087) and recorded a low of 0.9053 during the day. As mentioned earlier the 13-Week MA (currently at 0.9025) is the next significant Support level seen below the 55-DMA. A break below this 13-Week MA might increase the chances of further dip towards 0.8900-0.8880 in the coming days. Any sharp upmove is not looking likely now as the pair is trading strong on the downside and we might expect the Resistance at 0.9220 to hold in the US session today if any sharp upmove above 0.9100 is seen.

Happy Trading!

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