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FX Thoughts for the Day
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FX Thoughts for the Day
Tue, Jul 15 2008, 11:53 GMT
by Kshitij Consultancy Service Team
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.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
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USD-CHF @ 1.0046/51.... 1.0100 broken
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R: 1.0090 / 1.0130 / 1.0170 / 1.0220
S: 1.0020-00 / 0.9960 / 0.9920
The pair has broken an important Support in the form of 1.010 and could now target parity over the coming week. The impact of the mortgage crisis could be huge on Dollar itself and the world over will feel the pinch as investors are scared to invest even in institutions backed by the Fed.
Our order to sell did not get triggered this morning. For the day now, a huge move has already been seen. A small rise towards 1.0090 –1.0120 should not surprise but could be heavily sold into by the market. Would like to stay way till the market cools off a bit.
GBP-USD @ 2.0109/14... 2.00 broken past
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R: 2.0160 / 2.0200 / 2.0325
S: 2.0050 / 2.0000 / 1.9960
A rise past 2.00 in Cable as feared in the morning did take place. From here the market could easily target a further rise towards 2.02-2.03.
In the day today a dip towards 2.0050 could be possible and should be seen as an opportunity to enter long. The momentum remains bullish as long as the market trades above 2.00.
AUD-USD @ 0.9818/22... Breakout beyond 0.9754 seen
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R: 0.9750 / 0.9789 / 0.9825
S: 0.9700 / 0.9660 / 0.9600
The break above 0.9750 has led to a sudden rise towards 0.9837 so far in the day. This breakout above 0.9754 will be crucial in the longer-term and the long we hold currently could be carried for a couple of weeks seeing the fact that the potential upside us huge.
From here now, a dip towards 0.9770 could be bought. Only a break below 0.9700 would bring some concern over the upside possibility, which currently targets parity.
Limit Buy Order:
Buy 10K AUD at 0.9770, SL 0.9700, TP Open
Holding:
Buy AUD 10K at current level, SL 0.9700, TP Open
Happy Trading!
Published on Tue, Jul 15 2008, 11:57 GMT
Archive
- FX Thoughts for the Day
Published On Mon, Dec 1 2008, 12:10 GMT - FX Thoughts for the Day
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Published On Fri, Nov 21 2008, 11:41 GMT
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