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FX Thoughts for the Day

Wed, Nov 19 2008, 11:39 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Services  |  View company's profile


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.
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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 @ 1.2066/72...Nearing resolution of the wedge
------------------------------------------------------
R: 1.2186-214 / 1.2233
S: 1.2023-06 / 1.1980 / 1.1927
The wedge is nearing closer to resolution. A good idea would be to place a stop buy order or a stop sell order whichever occurs first to make the most of whichever direction it chooses to move. We believe once the wedge is broken it can move very sharply whichever way it decides to.

One Cancels Other (OCO) Order:
Stop buy Order
Buy USD 10K at 1.2150, SL 1.2050, TP Open

OR

Stop Sell Order
Sell USD 10K at 1.1950, SL 1.1850, TP Open

....whichever occurs first, one cancels the other.
 
 

GBP-USD @ 1.5044/48...Holding Long
-------------------------------
R: 1.5065-95 / 1.5150
S: 1.4965 / 1.4935 / 1.4900-4885
The Pound has found Support on the dip to 1.49 and has moved up past 1.50 from there. This is potentially bullish. Confirmation would come on a rise past the 1.5065-95 Resistance region. If so, we could be targeting 1.53+

A fall below 1.4965 (at least) would be needed to frustrate.

Holding:
Long GBP 10K at 1.5062, SL 1.4900, TP 1.5300

 

 AUD-USD @ 0.6471/73...Holding Long
------------------------------------
R: 0.6508-32 / 0.6568-95
S: 0.6177-55 / 0.6060
Aussie is trading close to its Support at 0.6419. Overall Aussie looks bearish, but within the range of 0.64 and 0.69, it could move up to touch the upper end of the range and then consolidate again between these levels. This may, however, happen in a longer term.

But presently, the range for the pair is between 0.64 and 0.66. If it breaks the range on the lower side, we could see it dip towards 1.6177 or a surge may take it to 1.6700

Holding:
Long AUD 10K at 0.6468, SL 0.6393, TP 0.6518

Happy Trading!
 

Published on  Wed, Nov 19 2008, 11:51 GMT


Kshitij Consultancy Services http://www.fxthoughts.com | info@kshitij.com

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These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsibly for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.
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