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FX Thoughts for the day − Evening − 16−Jan−2007....1203 GMT

Tue, Jan 16 2007, 12:08 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Services  |  View company's profile


EURO, JAP YEN and EURO-YEN

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EURO, JAP YEN and EURO-YEN
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Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register

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

$-Swiss @ 1.2435/40....Could dip towards 1.2370
-----------------------------------------------
R: 1.2450 / 1.2480 / 1.2514
S: 1.2417-08 / 1.2368
$-Swiss has had a sharpish fall during the day to a low of 1.2417 and is maintaining its bearish intraday bias. Watch the immediate Support at 1.2408, the statistically projected Max Low for the day. If broken, we may look for a fall towards 1.2368, the 200-MA on the daily. On the upside the Resistances are coming in at 1.2450 and then at 1.2480. The statistically projected Max High for the day is at 1.2514. The bias for the day is cautious currently.


 
Cable @ 1.9669/74....Neutral now
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R: 1.9708-12 / 1.9752-64
S: 1.9630 / 1.9600 / 1.9550
The Cable had a nice rally during the day to a high of 1.9708 and we booked Profit at 1.9670 on the Long which we had entered at 1.9611 yesterday. Importantly, the high for the day so far has come in on a trendline Resistance on the daily, joining the Highs of 1.9849 (01-Dec-06) and 1.9753 (03-Jan-07). Now, this Resistance is required to be crossed on a daily close basis, for a further upmove to take place. If so, we may look for 1.9753, the 2007 high so far. The statistically projected Max High for the day is at 1.9764. On the downside the Support is coming in at 1.9630 and then at 1.9600. A break below these (unexpected) could lead to a decline to towards 1.9550. The bias for the day is now neutral.


Aussie @ 0.7848/52....Buy dip
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R: 0.7850-62 / 0.7879
S: 0.7823 / 0.7800 - 0.7787
The Aussie has been firm during the day. It hit a low of 0.7823 and has bounced back, to currently test the 200-MA on the 4-Hourly at 0.7850. Now a move above 0.7850-62 could lead to further strength in the pair possibly towards 0.7879, the statistically projected Max High for the day. On the downside good Supports are coming in at 0.7823 and then at 0.7800. The statistically projected Max Low for the day is at 0.7787. The bias for the day is currently bullish. We would like to buy a dip.

Order:
Buy AUD 20K at 0.7820 (up from 0.7800), SL 0.7790 (up from 0.7770), TP 0.7860


Happy Trading!
 

Published on  Tue, Jan 16 2007, 12:09 GMT


Kshitij Consultancy Services http://www.fxthoughts.com | info@kshitij.com

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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.
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