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FX Thoughts for the Day
Fri, Aug 8 2008, 11:11 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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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 1.0767/72.... Could test 1.0850 over the next week.
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R: 1.0775 / 1.0800-18 / 1.0850
S: 1.0700 / 1.0718-25 / 1.0650
The pair has managed to rise beyond the Resistance at 1.0725-35, despite the tight range that was expected to prevail in the day.
For now, a rise is expected to be checked at 1.0850, as it happens to be the 50% Retracement of the dip from 1.1628 to 0.9637. Provided this Resistance holds over the next week, a dip towards 1.0640 could be seen.
A rally further upwards is not expected in the day, however, a weekly close above 1.07 would do the momentum some good going into the week ahead.
GBP-USD @ 1.9248/52.... Expecting a small bounce
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R: 1.9275-80 / 1.9300-25 / 1.9350
S: 1.9220-35 / 1.9200 / 1.9180-60 / 1.9135
A bounce could be seen in the pair that seems to be oversold after it had triggered some panic selling after breaking the Support at 1.9400-380 yesterday.
It has slipped further in the day and is currently at 1.9240. The weekly close is of great importance from here. However, further downside will not be ruled out over the coming week, but a bounce towards Support turned Resistance at 1.9380 could be seen if some buying develops.
AUD-USD @ 0.8915/19... Could bounce in the week ahead.
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R: 0.89050 / 0.9025-50 / 0.9100 / 0.9175-200
S: 0.8900 / 0.8865 / 0.8800
The pair has been losing ground further and is testing 0.89 now. In the day ahead as no economic data is expected and the market could calm down a little and trade in a tighter range.
Overall the market is in a bear phase and could continue its move towards 0.8765, and possibly even much lower if the Supports continue to break over the next week as well.
The last three weeks has seen a fall of close to 900 pips till now and could see a bounce from here towards 0.92. There remains hopes for such a bounce because the pair seems oversold.
Happy Trading!
Published on Fri, Aug 8 2008, 11:34 GMT
Archive
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