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FX Thoughts for the Day
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FX Thoughts for the Day
Fri, Jul 18 2008, 12:20 GMT
by Kshitij Consultancy Service Team
EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 1.0248/52.... Could be bullish.
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R: 1.0250-60 / 1.0300 / 1.0350
S: 1.0170 / 1.0150 / 1.0110 / 1.0060
During the day, the pair managed to find Support at 1.0170, from where it has rallied further up to 1.0230. For the US session today exopect the pair to rise further to test the more important Resistance at 1.0300.
A weekly close above 1.0265 could be bullish for the pair for the coming week. A close below 1.0180 could change the momentum downwards. The third possibility is of a close between 1.0180-265, in which case the bias would remain mixed going into the week, with equal possibilities of testing 1.0400 on the upside and 1.0100 on the downside.
GBP-USD @ 1.9937/41...Could be bearish heading into the next week.
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R: 1.9980 / 2.0000-20 / 2.0073
S: 1.9910-00 / 1.9850 / 1.9800
As per the earlier expectation a dip in the day to 1.9925 was seen. Heading in to the next week, the momentum is slightly bearish that could test the Support at 1.9850-1.9800 over the next week.
Only a day close above 2.00 today would be able to bring some bullish bias for the week ahead. For Resistance is expected at 1.9980-2.00 and 2.0035. There is strong Support expected at 1.9910-00, which if broken could be very bearish for the pair.
AUD-USD @ 0.9712/16... Weekly close important.
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R: 0.9750-60 / 0.9800-25 / 0.9850-67
S: 0.9700 / 0.9660 / 0.9600
Earlier in the week, the pair seemed bullish enough to rise towards parity, just then, a sudden slide happened to break below the 0.9700 mark yesterday. In the process our long got stopped as well.
For now, the weekly close is critical now. A close above 0.9750 could re-ignite the bullishness, while a close below 0.9700 would definitely target lower levels of 0.96-0.95 heading in to the next week.
Happy Trading!
Published on Fri, Jul 18 2008, 12:22 GMT
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