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FX Thoughts for the Day

Thu, Sep 25 2008, 11:56 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
---------------------

 
 
USD-CHF @ 1.0851/56... Could slip towards 1.0800
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R: 1.0875 / 1.0900 / 1.0945 / 1.0968-80
S: 1.0800-25 / 1.0750 / 1.0700
The pair continues to face Resistance near 1.0860-75 region which is holding since morning. In the day ahead, a rise might not be seen as the Resistance near 1.0860-75 is strong and could push the pair down towards 1.08 and possibly further lower as well. To see the chart click on: http://www.kshitij.com/graphgallery/chfcandle.shtml

The dip in the pair could find Support at 1.0774, the Max Low for the day. Overall the pair continues to face Resistance at 1.09 and provided a break above is not seen, a slip in the near term is preferred and likely, despite being bullish in the medium term.

 
 GBP-USD @ 1.8555/59... Support at 1.8525
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R: 1.8600 / 1.8650 / 1.8675 / 1.8725-50
S: 1.8550-35 / 1.8500 / 1.8450-33 / 1.8400
A rise in Cable faced Resistance at 1.8570 and led to a slip back towards 1.8525, the 21-SMA on the 4-hourly chart. The Moving Average provides Support for now and if the pair moves up from here, it could re-test the days high once again. To see the chart of GBP-USD click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml

Overall the pair seems to be bullish and could target 1.8750 as long as the Support on the trendline (seen on the link given above) at 1.8450 holds.

If however, the Support at 1.8535 breaks a dip towards 1.8456 is possible as well. The dip however, seems less likely immediately.

 
 AUD-USD @ 0.8381/85... Support at 0.8350
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R: 0.8400 / 0.8423-41 / 0.8491 / 0.8523
S: 0.8379-63 / 0.8243-32 / 0.8344
The pair saw a rise towards 0.84 and beyond in the day however, the inability to sustain there has resulted in a small dip in the pair. This dip has brought the pair at a Support level near 0.8350.

If the pair breaks below the support at 0.8350 during the day, the rise we have been calling for might not take place. Instead a break below could lead to a test of Support near 0.83 over the US session. To see the chart click on: http://www.kshitij.com/graphgallery/audcandle.shtml

As long as the Support at 0.8350 holds, the pair could rise beyond 0.8400 again.

Holding:
AUD 10K Long at 0.8360, SL 0.8340 (up from 0.8330), TP Open

Happy Trading!
 

Published on  Thu, Sep 25 2008, 12:26 GMT