FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 11/25/09

USD-CHF @ 1.0010/13...Targeting parity
R: 1.0070 / 1.0130 / 1.0180-0200
S: 0.9980 / 0.9950 / 0.9876

Swiss is continuing to trade strong on the downside targeting parity. As mentioned earlier a break below 1.0030, might see further dip towards 0.9980-50 in the coming sessions/days. Any sharp upmove is not looking likely now. however a bounce back if seen from the current levels might see a rise towards 1.0130-50.
 
 
GBP-USD @ 1.6732/36...Rallies on Dollar's weakness
R: 1.6750-56 / 1.6800 / 1.6925
S: 1.6600-6586 / 1.6549 / 1.6444

Cable rose further on global dollar-bearishness. A further rise towards 1.6850-90 may be seen in a couple of days. Intra-day correction is likely to be contained near 1.6650. There are chances that the rise being seen over the last 3-4 days would be sustained and would propel the pair towards 1.69+ over the next couple of days. Having found Support at the lower bound of the channel over the last 4 days, a rise towards the upper end of the channel (1.70+) would be strived for over the next couple of weeks. So till the pair trades above the Support mentioned above, the chances of rise towards 1.69 initally and 1.70+ thereafter cannot be ignored.

 
 AUD-USD @ 0.9290/93...Holding Long
R: 0.9320 / 0.9380-0.9400 / 0.9450
S: 0.9250 / 0.9220-00 / 0.9180

Aussie is continuing to trade strong on the upside. We might see further rise towards 0.9350-0.9400 over the next few sessions/days. Any sharp downmove is not looking likely now and we expect the Support in the 0.9220-00 region to hold in the US session today if any pull back is seen.

Holding:
AUD 10K Long at 0.9215 (up from 0.9175), TSL 0.9175, TP Open
As soon as the market trades 0.9330 bring TSL up to 0.9240

Happy Trading!