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FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 12/15/09


USD-CHF @ 1.0393/97...Might rise further
R: 1.0415 / 1.0440-60 / 1.0510
S: 1.0350 / 1.0325-00 / 1.0270

Swiss has risen sharply during the day breaking above the Resistance in 1.0350-65 region which we expected to hold. We got stopped out of our short position losing 90 pips during this sharp rise. If it continues to trade higher, we might see further rise towards 1.0440-60 in the coming sessions. Support is seen in 1.0325-00 region which we expect to hold in the US session today as the pair is looking strong in its upmove. We will have to wait and watch the market to get any confirmation on the trend reversal.
GBP-USD @ 1.6234/38...Watch close below 1.6229
R: 1.6274 / 1.6320 / 1.6354-84
S: 1.6229 / 1.6132 / 1.6031

Cable continued to honour the range as it has come down after rising towards 1.6319 and is now testing the Support at 1.6229 that we have been mentioning over the last several days. We hope that it is likely to honour the range and is likely to close above 1.6229 today. Till this range holds and till it closes above 1.6229, we would not look for a fall towards 1.60.

The double bottom on the 4H chart seems to have been negated and the pair traded within the range. A host of economic data releases out of the US today and tomorrow will set the trend for the rest of the week. Until then the ranged view holds.

 AUD-USD @ 0.9073/76...Crucial Support at 0.9060 (13-Week-MA)
R: 0.9115-30 / 0.9150-70 / 0.9220
S: 0.9060-50 / 0.9000-0.8980 / 0.8930

Aussie has broken below 0.9100 and is continuing to trade lower. It is now trading just above the 13-Week-MA (currently at 0.9060) which is the crucial Support level to be watched for. As mentioned earlier, a strong break below this 13-Week-MA might pull it down towards 0.9000-0.8980 in the coming sessions. Any sharp upmove is not looking likely now as it is looking strong in tis downmove. However if the Support at the 13-Week-MA holds and the pair gains upside momentum, we might see a rise towards 0.9150-70 in the coming session.

Happy Trading!

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