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FX Thoughts for the Day
Tue, Aug 12 2008, 12:13 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 @ 1.0891/95.... Support at 1.0850 holds
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R: 1.0900 / 1.0925 / 1.0960 / 1.1000-25
S: 1.0850 / 1.0800 / 1.0750-35
As per our expectation, a dip to 1.0850 was seen in the day. The Support was strong and as a result a rise towards 1.0920 has been seen since then. Further ahead in the day, a rise towards 1.0950 could be possible as long as this Support at 1.0850 holds.
To see the chart of the pair click on:
http://www.kshitij.com/graphgallery/chfcandle.shtml
http://www.kshitij.com/graphgallery/chfma.shtml
The overall bias is bullish with an overall target of 1.1030, the 38.2% Retracement of the fall from 1.3288 (Nov-05) to 0.9637 (Mar-08).
GBP-USD @ 1.8995/99... Seems soft for further fall
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R: 1.9100 / 1.9180 / 1.9275
S: 1.8940 / 1.8910 / 1.8875
The pair has not seen a big move in the day despite the Core CPI figure being released at 1.9%. Most analysts are of a similar view that even the rising inflation would not help the pair to strengthen from here. The higher inflation combined with almost negligible growth is a serious concern for the economy. The UK economy is facing a tough situation, and this could lead to a recession in the near future.
Over today-tomorrow it could fall further towards 1.88.
AUD-USD @ 0.8744/48.... Heading towards 0.8650
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R: 0.8800 / 0.8852 / 0.8880-8900
S: 0.8700 / 0.8670 / 0.8640
The pair continues to be bearish in the longer term. However, it has dropped to the Support at 0.8700 during the day and could result in a small bounce towards 0.8950, if not higher.
The charts suggest that the pair has been oversold and could result in a bounce from the current levels. Market had earlier “Sold the rumour”, when it believed that the RBA will cut rates when New Zealand central bank did so. However, the view that the market could now “Buy the fact” has been ruled out completely after the fall seen in the day. This could lead to over weekly target of 0.8650 being achieved mid week itself.
To see the charts of the pair click on:
http://www.kshitij.com/graphgallery/audcandle.shtml
http://www.kshitij.com/graphgallery/audma.shtml
Happy Trading!
Published on Tue, Aug 12 2008, 12:17 GMT
Archive
- FX Thoughts for the Day
Published On Fri, Nov 6 2009, 12:02 GMT - FX Thoughts for the Day
Published On Thu, Nov 5 2009, 11:44 GMT - FX Thoughts for the Day
Published On Wed, Nov 4 2009, 11:49 GMT - FX Thoughts for the Day
Published On Tue, Nov 3 2009, 11:51 GMT - FX Thoughts for the Day
Published On Fri, Oct 30 2009, 11:43 GMT
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