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FX Thoughts for the Day

Mon, Jan 5 2009, 12:18 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Service

USD-CHF @ 1.1063/66...Surges
----------------------
R: 1.1115-41 / 1.1393
S: 1.0929 / 1.0897 / 1.0838-12
Swiss has traded higher as Dollar strengthened. It went up to touch 1.1067 close to 30 pips short of 1.1108 (the 38.2% retracement of the fall from 1.2300 to 1.0371) we had mentioned in the morning. However, we went wrong on the timing. Also, the Resistance at 1.1115 (21-day MA) could be potentially a strong one for the pair. We had expected this level to be acheived, but, over a longer period of time. Having seen such a sharp rise during the day, it could possibly see some consolidation/ correction over the US session.

A rise past the Resistance could take the pair towards 1.13, however, this Resistance looks likely to hold during the US session. In the broader picture, it looks ranged between 1.05-1.13 over the next several days.
 

 GBP-USD @ 1.4520/23...Support near 1.43
-----------------------
R: 1.4571 / 1.4634-63 / 1.4816-36
S: 1.4509 / 1.4322 / 1.4171-55
Cable has strengthened during the day. During the last week, it faced Resistance from the 8-week MA and shyed away. A dip if seen during the US session could be Supported at 1.4322 which is a trendline Support on the daily chart. To see the chart, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle

We reiterate that this Support may hold in the near future, the pair looks likely to trade lower and break this Support eventually. As mentioned earlier, having closed last month below the trendline Support at 1.53, the pair could find Support next near 1.40 region in the longer term. To see the monthly chart of Cable, click on: http://www.kshitij.com/graphgallery/gbpmth.shtml#mth

 
 AUD-USD @ 0.7087/90...Moving in a channel
-------------------------------
R: 0.7270 / 0.7379 / 0.7507
S: 0.7065-51 / 0.6972-53 / 0.6913-895
Aussie did rise towards 0.7170 before dipping lower towards the current levels. It continues to trade in a channel and is likely to move higher if it continues to find Support at the lower end of the channel which presently is at 0.6950. It is likely to take Support at the 21-day MA at 0.6843 if it falls from here. To see the chart of Aussie, click on: http://www.kshitij.com/graphgallery/audcandle.shtml#candle

Over the next few sessions, it might intend to breach the Resistance at 0.7205-33. If it manages to breach this, it could possibly move towards 0.75. However a dip could be restricted to 0.6728.

Happy Trading!
 

Published on  Mon, Jan 5 2009, 12:27 GMT