FX Thoughts for the Day
Kshitij Consultancy Service Team from Kshitij Consultancy Service at 02/17/10
USD-CHF @ 1.0691/94...Immediate Resistance in 1.0700-20 region
R: 1.0700-20 / 1.0755 / 1.0800-20
S: 1.0650 / 1.0625-00 / 1.0540
Swiss has risen during the day and is now trading just below 1.07. As mentioned earlier Support-turned-Resistance is seen in 1.0700-20 region, a break above which might see a rise once again towards 1.0800. However, if this Resistance in 1.0700-20 region holds, we might see a downmove towards 1.0625-00 which is a very significant Support region to watch for on the downside. Note that the pair has been trading above 1.06 since 05-Feb-10. We expect this 1.0625-00 Support region continue to hold and might see the upmove to continue.
GBP-USD @ 1.5750/55...Resistance at 1.58 holding
R: 1.5845 / 1.5872-80 / 1.5904
S: 1.5749 / 1.5690-70 / 1.5554
The Cable rose towards 1.5815 today and is now looking to come down towards 1.5600 over the next few days. The view is likely to be of a ranged move in the days ahead between 1.55-1.58 until this range is broken. An upside above 1.58 is likely to be contained below 1.5845. For today, the Projected Max High and Low for the day is at 1.5880 and 1.5670 respectively.
AUD-USD @ 0.9020/23...Support-turned-Resistance at 0.9030
R: 0.9030 / 0.9100-20 / 0.9200
S: 0.8920-00 / 0.8860 / 0.8800-0.8780
Aussie is trading flat in a narrow range of 0.9000-30. As no significant move on either side was not seen during the day, our view remains the same on the pair. The Support-turned-Resistance at the 21-Week-MA (currently at 0.9030) is the significant level to watch for on the upside. A strong break above this 21-Week-MA might see further rise towards 0.9100-20. On the downside Support is seen in 0.8920-00 region which we expect to hold if a pull back is seen from the 21-Week-MA Resistance in the US session today.
Happy Trading!
