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FX Thoughts for the Day

Mon, Jan 12 2009, 11:55 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Service


EURO, JAP YEN and EURO-YEN

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USD-CHF @ 1.1175/78...Holding Long
---------------------------
R: 1.1283 / 1.1358-68 / 1.1410-31 / 1.1464
S: 1.1134 / 1.1061-45 / 0.1000-0995
Swiss has continued to trade strong during the European session today and recorded a high of 1.1242 and has slipped from there as it could not hold on to the gains. However, only if it dips below the 200-day MA once again, that the chances of it moving towards 1.1385 could be relinquished for the near term. It looks likely to make some upmove during the US session which makes us hold on to the Long we had entered into.

In the broader picture, Swiss is expected to remain ranged between 1.05-1.14 over the next few days/weeks as it continues to remain entangled between the 8-, 13- and 21-MAs on the monthly charts.

Holding:
Long 10K USD @ 1.1192, SL 1.1140, TP 1.1280
 

GBP-USD @ 1.4963/66...Support region: 1.4902-1.4884
-----------------------------------------------
R: 1.4981 / 1.5108-25 / 1.5148
S: 1.4900-880 / 1.4795-89 / 1.4759
Having found the trendline Resistance at 1.5350 from the daily chart on Friday, the pair has treaded lower and is finding Support at 8-week MA at 1.4902. If it manages to break the Support, it could tread towards 1.4850 as can be seen from the daily chart. To see the chart of Cable, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle

Range of 1.4884-1.4902 is a good Support region for the pair which contains the 8-week MA, 21-day MA, 200-MA on the 4-hourly.


 
 AUD-USD @ 0.6859/61...Slides further
--------------------------------
R: 0.6929-46 / 0.6983-7006 / 0.7022
S: 0.6803-788 / 0.6670 / 0.6604
As projected earlier, Aussie has dipped lower after having broken the 21-day MA and looks set to move towards the lower end of the consolidation range mentioned in the morning before it starts to consolidate between 1.67-1.70 over the next few days. Presently the pair has SUpport at 0.6801 which is the 13-SMA on the 3-day charts. To see the chart of Aussie, click on: http://www.kshitij.com/graphgallery/audma.shtml#ma http://www.kshitij.com/graphgallery/audcandle.shtml#candle

Happy Trading!
 

Published on  Mon, Jan 12 2009, 12:13 GMT


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Kshitij Consultancy Service  | Suite 2G, Tower C, Hastings Court, 96 Garden Reach Road, Kolkata 700 023
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Legal disclaimer and risk disclosure

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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