FX Thoughts for the Day

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

USD-CHF @ 1.0237/40...Mixed
R: 1.0280-0300 / 1.0350-70 / 1.0450
S: 1.0230-00 / 1.0175-50 / 1.0120

Swiss fell during the day from 1.0281 and recorded a low of 1.0219. The Support in 1.0230-00 region has held and it has risen and trading above this Support region now. If it continues to trade above this Support region, we might see a rise towards 1.0330-50 over the next few sessions. On the downside a break below 1.0200 might pull it down towards 1.0175-50. The pair is now looking mixed with 50-50 chances of move on either side.
 
 

GBP-USD @ 1.6323/27...Bearish further.
R: 1.6363 / 1.6400 / 1.6452-75
S: 1.6273 / 1.6118 / 1.6034-18

Cable has surged during the day after breaking below the 1.6250-20 Support. The rise we had mentioned is likely to be contained near 1.64 and thereafter the pair may fall towards 1.5906 (200-DMA) pretty soon. Having broken below the crucial Support, the pair has rendered itself very bearish.

 
 AUD-USD @ 0.9097/0.9099...Resistance at 0.9210
R: 0.9101 / 0.9210 / 0.9280
S: 0.9027 / 0.8960-40 / 0.8920

Aussie has risen during the day breaking above the Support-turned-Resistance at the 55-DMA (0.9101) and is now trading just below the 55-DMA. A strong break above this 55-DMA might see a rise towards the next Resistance seen at 0.9210. Overall the pair continue to remain weak and we expect this Resistance at 0.9210 to hold if any sharp rise above the 55-DMA is seen in the US session today. On the downside the 13-Week MA is the significant Support level to watch for. A break below the 13-Week MA might pull it down towards 0.8960-40.

Happy Trading!