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FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 12/22/09


USD-CHF @ 1.0479/82...Mixed
R: 1.0480-95 / 1.0535 / 1.0560-70
S: 1.0450-40 / 1.0370-50 / 1.0300

Swiss is contnuing to remain silent and is continuing to trade above 1.0440 since the US session yesterday. As mentioned earlier 1.0480-95 is the significant Resistance region, a break above which might take it up towards 1.5035-65. On the downside, a strong break below 1.0440 might pull it down towards 1.0370 in the US session today. As mentioned earlier 1.0350-00 is the significant Support region seen on the downside. Overall the pair is still looking mixed with greater chances of a break and a rise above 1.0500 towards 1.0535-65
GBP-USD @ 1.6021/24...Trading just above 200-DMA (1.6007)
R: 1.6070-95 / 1.6123 / 1.6185-95
S: 1.6007 / 1.5930-10 / 1.5806

Cable continued its downmove during the day and is now trading just above the Support at the 200-DMA (1.6007) mentioned earlier. A strong break below 1.6000 might pull it down towards 1.5930 in the US session today. As mentioned earlier a strong break below 1.6000 will render itself further bearish for 1.56-1.57 over the next few weeks. Till this holds, there is every possibility that the pair may bounce from here.

 AUD-USD @ 0.8887/91...Might test the Support at 0.8765 once again
R: 0.8820 / 0.8880-0.8900 / 0.8960
S: 0.8765 / 0.8700 / 0.8640

The Fibonacci fan line Support at 0.8765 which was tested in the early Asian session today, continued to hold and Aussie has risen during the day. However, it has fallen now from the high of 0.8833. Failure to sustain on the upside above 0.8800 is increasing the chances a break below the Support at 0.8765 and see further downmove towards 0.8700. Note that 0.8700 is a significant Support level seen on the monthly chart. On the other hand if the Support at 0.8765 continue to hold and the pair gains upside momentum, we might see a rise towards 0.8880-0.8900 in the coming sessions.

Happy Trading!

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