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FX Thoughts for the Day

FX Thoughts for the Day

Wed, Oct 1 2008, 12:22 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 @ 1.1223/27...Looking for 1.1300
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R: 1.1200-17 / 1.1250
S: 1.1145 / 1.1095-60
Relatively quiet day so far today. Note Support at 1.1145 is holding. While it continues to hold, we may look for a rise towards 1.13. A break below the Support would suggest a test of 1.1103. Below that, 1.1061 is the projected Max Low for the Day.

The overall view that we are taking is that given the sharp rise from 1.0815 this week, there is a case of a further rise to 1.1300-1400. A rise beyond that might be difficult given a strong trendline Resistance on the Monthly chart, as may be seen at
http://www.kshitij.com/graphgallery/chfmth.shtml

Holding:
USD 10K Long at 1.1172, SL 1.1140, TP 1.1270 (down from 1.1290)


Cable    GBP-USD @ 1.7771/75...Can dip a bit
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R: 1.7877 / 1.7933 / 1.7985-8005
S: 1.7777-58 / 1.7707 / 1.7605
Quiet day awaiting the bailout plan vote again today. Suspect people want to be square. Chart-wise, see a wide and wild range of 1.7750-8150 for some days. In case of a break below 1.7750, look for a test of the earlier low near 1.7450.



Aussie    AUD-USD @ 0.7981/84...Not advisable to sell
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R: 0.8020 / 0.8098
S: 0.7925 / 0.7875-65
Continue to see Support upto 0.7850. While this holds, we can see a rise towards 0.8130. If the Support breaks, there is further Support at 0.7800. All in all, we are not comfortable selling the Aussie at all. Buying dips may be considered.





Happy Trading!

Published on  Wed, Oct 1 2008, 12:23 GMT