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FX Thoughts for the Day

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FX Thoughts for the Day

Mon, Oct 13 2008, 12:35 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Service

EURO, JAP YEN and EURO-YEN
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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 @ 1.1302/06... US closed today
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R: 1.1360 / 1.1390-1400 / 1.1450 / 1500
S: 1.1300 / 1.1250 / 1.1200 / 1.1150
Facing Resistance near 1.14 the pair has slipped lower during the day. As long as the market is pressured below the Resistance a slip towards the Support region could be seen. For now, immediate Support is seen at 1.1300, 1.1250 and at 1.12 below it.

However, if the pair manages to rise beyond the Resistance at 1.14 it could then target 1.15-16, which happens to the next level of Resistance. Overall the pair is bullish and there is a good chance that the pair could break the Resistance at 1.15-16 to rise higher over the coming weeks to challenge the 200-week SMA at 1.2075.

The day ahead might see a calm trading session as the US is closed today.

 
 GBP-USD @ 1.7361/65... Rise seen today
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R: 1.7390 / 1.745-70 / 1.7500 / 1.7575
S: 1.7300 / 1.7275 / 1.7200 / 1.7150 / 1.7070
The pair has seen a sharp rise in the day to 1.7345. However, the pair could now face some Resistance near 1.7350-80 today. Also a dip towards 1.7200 could be seen before further upside becomes likely.

Overall the pair could slip lower once again towards 1.72 and 1.70 if the Resistance at 1.7350-7400 holds. However, the overall view remains that the pair could trade within a wide range, the boundaries not defined immediately, over the next couple of weeks.

As long as Cable trades below 1.7640, the pair could eventually slip towards the medium term target of 1.6550, the 61.8% retracement of the fall from 1.3682 (‘01) to 2.1163 (‘08). To see the chart click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml

 
 AUD-USD @ 0.6700/04... Could slip lower
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R: 0.6750-60 / 0.6800 / 0.6825-50 / 0.6900
S: 0.6660-50 / 0.6600 / 0.6550 / 0.6500 / 0.6450
The pair did rise during the day to face Resistance near 0.6800. However, dips towards 0.6660 seem to attract some buying and the pair has some immediate Support in the region.

However, the day ahead could see the pair slip towards 0.66 and eventually lower towards 0.65 on a break of Support at 0.6660. As long as Support at 0.6660 holds, there remains an outside chance that the pair rises past the Resistance at 0.6800-25

Overall, there is a strong chance that the market could see the pair trade within a wide range from 0.6330?0.7000 over the next couple of weeks.

Holding:
Short AUD 10K at 0.6750, SL 0.6825, TP 0.6500

Happy Trading!

Published on  Mon, Oct 13 2008, 12:36 GMT