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FX Thoughts for the Day

Thu, Nov 19 2009, 12:23 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Service

Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
-------------------------------------------------------------

USD-CHF @ 1.0184/87...Holding Short
R: 1.0200 / 1.0247 / 1.0280
S: 1.0100 / 1.0050-30 / 0.9980

Swiss has risen during the day breaking above the Resistance at 1.0170 mentioned earlier. However it is continuing to trade below 1.0200. As mentioned earlier, a strong break above 1.0200 was not seen for the last couple of weeks. A strong break above 1.0200 might see a rise towards the 55-DMA (currently at 1.0247) which is the significant Resistance to be watched for on the upside. On the other hand if it fails to see a strong break above 1.0200, we might see a downmove toward 1.0100-0080 in the US session today.

Holding
USD 10K Short at 1.0160, SL 1.0235, TP Open

GBP-USD @ 1.6623/27...Breaks important Support zone
R: 1.6680-6703 / 1.6766
S: 1.6580-60 / 1.6400

Cable has broken below the crucial Support zone mentioned in the morning. Unless this turns out to be just a false break (which would be confiremd on a test of 1.6580, the Cable can fall towards 1.6400 over the next few days and may be even lower towards the lower end of a medium term channel at 1.6200. We have been stopped out of the Long entered at 1.6680 losing 60 pips in the process.

 
AUD-USD @ 0.9169/72...Holding Long
R: 0.9220 / 0.9280 / 0.9330
S: 0.9160 / 0.9120-00 / 0.9060

Aussie continues to trade lower and has just broken below the Support at 0.9170. Immediate Support is seen at 0.9160 (200-MA on the 4-hr chart). If it holds, we might expect a bounce back towards 0.9230-50 in the US session today. However, a break below this Support at 0.9160 (200-MA on the 4-hr chart) might see further dip towards 0.9120-00.

Holding:
AUD 10K Long at 0.9180, SL 0.9090, TP Open
As soon as the market trades 0.9230, bring the SL up to 0.9140
 

Happy Trading!

Published on  Thu, Nov 19 2009, 12:23 GMT

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