FXstreet.com

8

0

FX Thoughts for the Day

Fri, Nov 6 2009, 12:02 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Service


EURO, JAP YEN and EURO-YEN

Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering to our newsletter.

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!

Published on  Fri, Nov 6 2009, 12:02 GMT

Kshitij Consultancy Service  | Suite 2G, Tower C, Hastings Court, 96 Garden Reach Road, Kolkata 700 023
http://www.fxthoughts.com | info@kshitij.com

Legal disclaimer and risk disclosure

These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsibly for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.

Related reports

FX View - Headline unemployment rate creates dollar shocker by Interactive Brokers LLC
Fri, Nov 6 2009, 18:41 GMT

Forex Daily Overview - USD mixed, unemployment rises to 10.2% by Easy Forex
Fri, Nov 6 2009, 18:31 GMT

Forex Daily Analysis - USDJPY is moving towards support level at 89.55 by Investija.com
Fri, Nov 6 2009, 14:35 GMT

Forex Technical Report - U.S. Markets Brace for Jobs Data by ForexHound.com
Fri, Nov 6 2009, 13:29 GMT

Forex Technical Report - Dollar Trading Lower Ahead of U.S. Jobs Data by ForexHound.com
Fri, Nov 6 2009, 13:19 GMT

audusd, gbpusd, usdchf

View All

Related content


Interested in forex trading? forex brokerage firms!


Forex Capital Markets, LLC (FXCM)
Contact the broker/FDM
Open a demo account
ACM Advanced Currency Markets SA
Contact the broker/FDM
Open a demo account
Capital Market Services, L.L.C.
Contact the broker/FDM
Open a demo account		IG Markets
Contact the broker/FDM
Open a demo account		Deutsche Bank
Contact the broker/FDM
Open a demo account

GET CASH BACK FOR YOUR TRADES!   Learn more about the Pip Rebate Program

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. FXstreet.com has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.

Any opinions, news, research, analyses, prices or other information contained on this website, by FXstreet.com, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXstreet.com will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

©2009 "FXstreet.com. The Forex Market" All Rights Reserved.