FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 02/10/10

USD-CHF @ 1.0640/44...Holding Short
R: 1.0675-1.0700 / 1.0765-75 / 1.0820
S: 1.0600 / 1.0550 / 1.0495-80

Swiss has fallen once again towards the Support in 1.0630-00 region during the day. As mentioned earlier, failure to see a sharp upmove and a break above 1.07 might keep the pair ranged between 1.06-07 for some time. However, if the current fall continues breaking below 1.06, we might see 1.0550 on the downside in the coming sessions. On the upside, a strong break above 1.07 might see a rise once again towards 1.08.

Holding:
USD 10K Long at 1.0620, SL 1.0580, TP 1.0880
As soon as the market trades 1.0710 trail SL to 1.0640
 

GBP-USD @ 1.5636/40...Support near 1.5585
R: 1.5781-5805 / 1.5866
S: 1.5630 / 1.5585-76 / 1.5530-00

The Cable rose towards 1.5764 intially ahead of the Manufacturing and Industrial Production numbers and has fallen thereafter despite better than expected numbers. The Resistance at 1.5770 mentioned in the morning held. There's immediate Support at 1.5630 and thereafter near 1.5585 which should not give up easily. Till 1.5585 holds, we would expect the pair to consolidate with an upside limited to 1.58 at the moment. The Projected Max High and Low for the day is at 1.5805 and 1.5576 respectively.

 
 AUD-USD @ 0.8770/73...Holding Short
R: 0.8800 / 0.8850 / 0.8921
S: 0.8715 / 0.8680 / 0.8610

Aussie has risen during the day. Immediate Resistance at 0.8800 has to be watched for, as a strong break above 0.88 would reduce the chances of a dip towards the 200-DMA Support (currently at 0.8597) which we were looking for. 0.8850 can be seen on the upside in the US session today if the Resistance at 0.88 is broken. While 088 holds, we might see a downmove once again towards 0.87 which is the significant immediate Support seen on the downside.

Holding:
AUD 10K Short at 0.8720, SL 0.8810, TP 0.8480.
As soon as the market trades 0.8660 bring the SL down to 0.8760

Happy Trading!