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FX Thoughts for the Day

Fri, Jan 9 2009, 12:06 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Services  |  View company's profile

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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 @ 1.0913/15...Support at 1.09
----------------------
R: 1.0932-58 / 1.0980-1018 / 1.1034-50
S: 1.0814-06 / 1.0732
Swiss traded lower during the day pressured by the 8-SMA on the 4-hourly and it also spiked below the 8-day MA (1.0900) Support mentioned earlier to find SUpport at 200-day MA as it touched a low of 1.0885. However, it has been trading in a thin range over most part of the day between 1.0885-1.0950. If the Support region of 1.0885-1.0905 breaks, it could potentially slip towards 1.07 over the next few days; or if it rides on the Support of the 8-day MA, we could see it move towards 1.11 or even 1.12. To see the chart of Swiss, click on: http://www.kshitij.com/graphgallery/chfcandle.shtml#candle
 

GBP-USD @ 1.5291/94...Support at 55-day MA
-------------------------------
R: 1.5280-315 / 1.5473 / 1.5517
S: 1.5192 / 1.5160-34 / 1.5016
Cable has managed to honour the trendline Resistance when it rose towards 1.5280. The pair has Resistance in the region of 1.5280-1.5315 which contains the trendline Resistance as can be seen from the daily candle chart and the 21-MA Resistance on the 3-day candle chart. To see the candle chart and the Moving Average charts click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle http://www.kshitij.com/graphgallery/gbpma.shtml#ma respectively.

On the downside, it has taken Support of the 55-day MA through the day and is likely to hold on to it as it continues to ride higher as seen from the longer term charts (weekly).

AUD-USD @ 0.7089/92...Support at 0.70 held
-------------------------
R: 0.7121 / 0.7205
S: 0.7003-6989 / 0.6935-24 / 0.6884
Aussie has honoured the trendline Support mentioned in the morning as it dipped to 0.7011 and has risen from there. It could potentially now move up towards the 100-day MA at 0.7170 during the US session, if it continues to honour the Support mentioned above. To see the chart of Aussie, click on: http://www.kshitij.com/graphgallery/audcandle.shtml#candle

A dip from the abovementioned Support can be next Supported near 0.6944 (21-day MA).

Happy Trading!

Published on  Fri, Jan 9 2009, 12:12 GMT

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