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FX Thoughts for the Day

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FX Thoughts for the Day

Wed, Sep 3 2008, 11:36 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Service

EURO, JAP YEN and EURO-YEN
---------------------------
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 @ 1.1125/29.... Range could develop
---------------------------------------------
R: 1.1135 / 1.1175 / 1.1200 / 1.1250
S: 1.1085 / 1.1065-50 / 1.1015-00 / 1.0975
The pair is in an uptrend and could head higher later in the month, however, for now it faces Resistance at 1.1137-50 region, which could hold it back for sometime. A dip towards 1.1050 could be bought as the eventual target seems to be 1.12-1250 for the pair.

It could see some tight consolidation within a 100-150-pip range, like seen before on a couple of occasions. Look to enter long only on dips. However, it could take at least a fortnight before the eventual target is met.

To see the charts on the pair click on:
http://www.kshitij.com/graphgallery/chfma.shtml
http://www.kshitij.com/graphgallery/chfcandle.shtml

GBP-USD @ 1.7731/35... Could dip towards 1.75, Eye on BOE
----------------------------------------------------------
R: 1.7775-7800 / 1.7860 / 1.7900 / 1.7990
S: 1.7700 / 1.7660 / 1.7600 / 1.7500
The pair is trading steady near the 1.7750-00 region and could consolidate in the region for some more time. However, expect a dip towards 1.7650-80 during the US session today.

The BOE board is expected to leave the interest rates unchanged tomorrow despite a no growth in the previous quarter and a serious inflation in UK. To see the chart of UK Interest Rates click on:
http://www.kshitij.com/fundamentals/funcharts/ukboe.shtml

For now, Support is seen at 1.7680, 1.7650, 1.7600. This said, the pair is expected to face Resistance on a rise to 1.7780-7800. Overall the pair sems to target 1.75, possibly even 1.70 later this week.

AUD-USD @ 0.8292/96... Could rise towards 0.8500 in the long term
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R: 0.8300 / 0.8350 / 0.8425 / 0.8475
S: 0.8250 / 0.8150 / 0.8100
The pair seems to have made a turn around during the day, before hitting our order to Buy. The Support in the region of 0.8250-0.8150 is very strong and it could result in a bounce towards 0.85 in a couple of months.

Keeping the wider picture in mind, for the day, a dip could be seen later in the day provided the pair faces Resistance on a rise towards 0.8330. The Australian GDP released earlier in the day was also disappointing however, the market has recovered since then to rise steadily.

To see the charts on AUD-USD click on:
http://www.kshitij.com/graphgallery/audcandle.shtml
http://www.kshitij.com/graphgallery/audma.shtml

Limit Buy Order:
Buy AUD 10K 0.8265, SL Open, TP 0.85
Buy AUD 10K 0.8200, SL Open, TP 0.85
The above mentioned trade is a longer-term trade and could extend to about 2-months if not longer.

Happy Trading!

Published on  Wed, Sep 3 2008, 11:39 GMT