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FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 12/23/09


USD-CHF @ 1.0458/61...Resistance in 1.0480-95 region
R: 1.0480-95 / 1.0530 / 1.0570
S: 1.0440-20 / 1.0370-50 / 1.0300

After continuing to trade within the Resistance region 1.0480-95 during the day, Swiss has fallen sligthly and is now trading just below the Resistace region. We may expect a downmove in the US session today towards 1.0440-20 which is the immediate Support region seen on the downside. A strong break below this Support region (1.0440-20) might increase the chances of further dip towards 1.0370-50. Rememeber 1.0350-00 is the significant broad Support region seen on the downside.

On the upside 1.0580-95 is the significant Resistance region which is holding over the last few days. We may expect it to hold and the overall downtrend to continue. However, as mentioned earlier, a strong break above 1.050 might increase the chances of a rise towards 1.0570. The immediate Resistance seen above 1.050 is 1.0530.
GBP-USD @ 1.5951/55...Strong support-turned-Resistance at 1.6015
R: 1.5979 / 1.6015 / 1.6063
S: 1.5866 / 1.5806-5785 / 1.5705

Cable has continued to trade below the 200-DMA (1.6015). Having broken below this MA line yesterday it has turned itself bearish for a further fall towards 1.57-1.56 on a break of immediate strong Support at 1.5866. For today, it has remained ranged between 1.5923 and 1.5976.

If it is able to rise past the 8-MA on the 4H which is at 1.5978 presently, it may rise towards 13-MA on 4H which is at 1.6014 presently.

 AUD-USD @ 0.8764/68...Might dip towards 0.8700
R: 0.8777 / 0.8835-65 / 0.8920
S: 0.8730-00 / 0.8675 / 0.8635

Aussie continued to trade below the Support-turned-Resistance at 0.8777 (61.8% Fibonacci Fan line). Our view continue to remain the same on the pair. We might see a downmove towards 0.8700 in the coming sessions. Remember 0.8700 is a significant Support level seen on the monthly chart. We may expect a bounce back from this Support level. However, if it continues to trade strong on the downside, a break below 0.8700 might pull it further down towards 0.8600-0.8575. Any sharp upmove is not looking likely now and we expect the Resistance in 0.8835-65 region to hold if any bounce back is seen in the US session today.

Happy Trading!

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