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FX Thoughts for the Day
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FX Thoughts for the Day
Wed, Aug 20 2008, 11:34 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 @ 1.0985/89.... Resistance at 1.1006
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R: 1.1000-25 / 1.1040-50 / 1.1150-75
S: 1.0950 / 1.0900 / 1.0840-20 / 1.0800
The Max High for the day at 1.1006 might not break and could result in a dip from here towards the Support at 1.0900 in the day ahead. A tight trading range between 1.09-1.0970 was expected earlier today. For now, the range has widened and the pair could continue within it for the week. Before rising beyond it eventually next week.
GBP-USD @ 1.8569/74...Holding Long, Support 1.8510
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R: 1.8640 / 1.8680 / 1.8725
S: 1.8539-30 / 1.8512 / 1.8446
The Pound dipped to near 1.8539 during the day today, just above our projected Max Low for the Day which comes in at 1.8530. Please take a look at our At a Glance sheet at http://kshitij.com/fx/aag.shtml
The previous lows of 1.8537 (yesterday) and 1.8512 (Friday) are the Supports to watch now. While these hold, there could be chances of a rise back up towards 1.8640 and higher during the day. But, in case of a break below 1.8510, we could see a further dip/ decline towards 1.8440 designed to hit "early Longs" before a rise begins in earnest.
Holding:
GBP 10K Long at 1.8560, SL 1.8490, TP 1.8810. As soon as the market trades 1.8620, bring SL up to 1.8500. On a further rise to 1.8640, bring SL up to 1.8510.
AUD-USD @ 0.8694/98... Support at 0.8675
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R: 0.8720 / 0.8750 / 0.8790-8806 / 0.8875
S: 0.8675-50 / 0.8615-00
A dip below 0.87 has been seen since the morning on the pair. A dip from here seems more favoured, however, the upside is still not ruled out. A dip towards 0.8650, if seen, is expected to attract buying and lead to a rise towards the weekly target of 0.89.
The huge slip in valuation in the pair in the last month has seen almost a 1000 pips fall. A slight bounce should not surprise. Also keep in mind that the 100-week SMA has been tested last week and resulted in this bounce.
Holding:
Long AUD 10K at Current Level, SL Open, TP 0.8865. As soon as the market trades 0.8790, put SL at 0.8710.
Happy Trading!
Published on Wed, Aug 20 2008, 11:35 GMT
Archive
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