FX Thoughts for the Day
Kshitij Consultancy Service Team from Kshitij Consultancy Service at 11/06/09
USD-CHF @ 1.0161/65...Resistance in the region 1.0185-0200
R: 1.0185-0200 / 1.0230 / 1.0280
S: 1.0150-30 / 1.0050 / 1.0005
Swiss is trading in a narrow range of 1.0140-75. As no significant move was not seen on either side, our view continue to remain the same on the pair. On the upside Resistance is seen in the region 1.0185-0200 which we expect to hold in the US session today and the overall downtrend to continue targeting 1.0 over the next few days. However, if the Support at 1.0150 continues to hold and the pair gains upside momentum, a break above 1.0200 might see a rise towards 1.0250.
GBP-USD @ 1.6599/6603...Potential Double Top on 1H candles
R: 1.6642 / 1.6737-50
S: 1.6590-60 / 1.6494 / 1.6457
Cable traded in a narrow range through the day moving between 1.6588 to 1.6635 as the Resistance at 1.6642 continued to hold. Simultaneously it is taking Support immediately from the trendline on the hourly chart, formed by connecting the lows of 1.6260 (3-Nov), 1.6465 (5-Nov), 1.6488 (5-Nov) and 1.6588 (6-Nov) which comes at 1.6595. The double top seems to be developing on the hourly chart which shall be confirmed on the break of the immediate Support at 1.6590. If so, the pair may come down towards 1.6490 during the US session. This would be a good buying opportunity. However, if this Support holds, the Resistance at 1.6642 could be in danger.
The Projected Max High and Low for the day is at 1.6737 and 1.6457 respectively.
Limit Buy Order:
Buy GBP 10K at 1.6500, SL 1.6430, TP Open
AUD-USD @ 0.9157/60...Bullish
R: 0.9180 / 0.9220 / 0.9280
S: 0.9141 / 0.9120-00 / 0.9050
Aussie broke above the 21-DMA Resistance (0.9141) during the day as expected and is now trading higher. As mentioned earlier we might see a rise towards 0.9200-20 in the US session today. Note that the projected Max-High for the day is 0.9224. Any sharp downmove is not looking likely now. However, if the immediate Resistance at 0.9180 holds and the pair gains downside momentum, we might see downmove towards 0.9050 in the US session today.
Limit Buy Order:
Buy AUD 10K at 0.9050, SL 0.8960, TP Open
Happy Trading!
