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FX Thoughts for the Day
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FX Thoughts for the Day
Fri, Aug 29 2008, 11:19 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 @ 1.0971/75... Could remain calm
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R: 1.1000 / 1.1035-65 / 1.1088-95
S: 1.0950 / 1.0902-880 / 1.0850
Given that it’s the last day of the week/month and followed by an extended weekend the pair could see less liquidity later today. Despite the Labor Day holiday, if the US Personal Income and Core PCE are released positive a stronger dollar will be seen.
The strength spoken about could lead to a test of 1.1028, the Max High for the day. The pair has strong Support at 1.0900-896, however, a dip earlier in the day saw bounce from 1.0896.
GBP-USD @ 1.8292/96... Eventual target 1.80
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R: 1.8300 / 1.8360 / 1.8310 / 1.8400
S: 1.8265 / 1.8230 / 1.8163-50
The pair, just as was expected earlier in the day, remained within the trading range of 1.8350-1.8250 during the day. From here, the day ahead could see the pair continuing to trade within the range itself, provided the US data scheduled for release does not deviate from the expectation. To follow the economic releases click on:
http://www.kshitij.com/fundamentals/calendar/calendar.shtml
To see the charts of US Personal Income and US Core PCE:
http://www.kshitij.com/fundamentals/funcharts/usperinc.shtml
http://www.kshitij.com/fundamentals/funcharts/uspce.shtml
Cable is in a major downtrend and seems to target 1.80 in the medium term.
AUD-USD @ 0.8629/33...Bearish bias setting in.
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R: 0.8665-75 / 0.8700-20 / 0.8765
S: 0.8600 / 0.8550 / 0.8535-15
Facing Resistance at 0.8665, the pair dipped to a low of 0.8602 earlier in the day. The inability to rise beyond 0.8675 is expected to be bearish going into the next week and could result in further downside. A weekly close below the 100-week SMA this week will not help the pair either.
However, the pair could find some Support at 0.8600, if a dip is seen again in the day, despite there being room for a dip towards 0.8547, the Projected Max Low for the day.
In an adverse move if a close above 0.8675 is seen today, the momentum in the week ahead will be bullish and could lead to a rise towards 0.88 as well.
Happy Trading!
Published on Fri, Aug 29 2008, 11:43 GMT
Archive
- FX Thoughts for the Day
Published On Mon, Dec 1 2008, 12:10 GMT - FX Thoughts for the Day
Published On Fri, Nov 28 2008, 11:41 GMT - FX Thoughts for the Day
Published On Wed, Nov 26 2008, 12:37 GMT - FX Thoughts for the Day
Published On Tue, Nov 25 2008, 12:47 GMT - FX Thoughts for the Day
Published On Fri, Nov 21 2008, 11:41 GMT
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