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FX Thoughts for the day − Evening − 21−Nov−2007....1149 GMT

Wed, Nov 21 2007, 12:14 GMT
by Kshitij Consultancy Service Team

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EURO, JAP YEN and EURO-YEN
---------------------------
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
---------------------

USD-CHF @ 1.1065/69...Resistance near 1.1114
--------------------------------------------
R: 1.1100-14 / 1.1140
S: 1.1020 / 1.0982
USD-CHF hit fresh record low of 1.1023 during the day and has had a small bounced back, however it remains bearish biased. The immediate Resistance is at 1.1100-14, the statistically projected Max High for the day. Above that the Resistance would come in at 1.1140. The BIG Resistance for the pair would be at 1.1190-1205, a rally above which needs to be seen to question the current downside potential.

On the downside the Support is at 1.1020 and 1.0982, the statistically projected Max Low for the day.

Remember that 1.10 is a huge Knock-Out level for several USD-CHF Carry Trades and a there will be a lot of blood on the streets once that is hit. Expect Banks to gun for the level. Once 1.10 is hit and the market extends down towards 1.0980, there would be chances of a sharp profit-taking rebound.
 

 GBP-USD @ 2.0580/85...Holding Long
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R: 2.0575 / 2.0626 / 2.0700
S: 2.0512-07 / 2.0451-44 / 2.0402
GBP-USD moved up to 2.0700 during the day, but did not trigger the TP at 2.0720 on our Long 2.0510. Instead, the market has fallen sharply from there. In the process the Long at 2.0510 was squared at a modest profit at 2.0570. Earlier, of course, we hit TP at 2.0690 on the Long entered at 2.0582.

The Support to watch now is in the 2.0530-05 region. If and while the Support holds, we could see a small bounce 2.0590-0600, which may/ may not extend further up towards 2.0630-40. A Day Close below 2.0500, if seen, could trigger a decline towards 2.0400.

Holding:
GBP 10K Long at 2.0590, SL 2.0520 (up from 2.0500), TP 2.0660

 
 AUD-USD @ 0.8722/25....Bearish Biased
------------------------------------
R: 0.8750 / 0.8810
S: 0.8650 / 0.8620
AUD-USD had a sharp collapse during the day to a low of 0.8653 during the day. There has been a little bounce since then, however that is likely to see significant sellers on rallies. Now immediately the Resistance is at 0.8750, which was previously a Support. Above that the Resistance would come in at 0.8810. If this fall below 0.8750 is sustained on a closing basis, then there could be a fall towards 0.8500 in the next few days.

On the downside the Support for the day would come in at 0.8650 and 0.8620. The bias for the pair is bearish a small rally towrads 0.8750 could be used to sell with stop above 0.8850 targeting 0.8550.

Happy Trading!
 

Published on  Wed, Nov 21 2007, 12:19 GMT

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