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FX Thoughts for the Day

Wed, Jan 14 2009, 12:24 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Service


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.
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
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USD-CHF @ 1.1172/75...Ranged
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R: 1.1175-82 / 1.1353-60 / 1.1404-37
S: 1.1096 / 1.0979 / 1.0958-29
As expected Swiss moved sideways during the day ranged between 1.1121-1.1217 and also in line with our broad view of sideways consolidation with an upward bias till the triangle resolution. Sharply rising trendline Support (for today this Support is near 1.1075-1.1100) could carry the pair up towards the resolution of the triangle over the next few days. To see the chart click on: http://www.kshitij.com/graphgallery/chfcandle.shtml#candle

There's still good potential for an S-H-S formation on the daily charts which could be confirmed if the red trendline (also a possible Neckline) on the daily chart breaks.


GBP-USD @ 1.4544/48...Bearish Medium-Long Term
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R: 1.4562 / 1.4668 / 1.4715-26
S: 1.4481 / 1.4436 / 1.4365
Cable rose sharply during the day and past our expectations of 1.4650 to record a high of 1.4710 and then fell sharply below the 1.45 mark. For the US session, the broad range for the pair could be 1.4300-1.4740 which can be seen from the daily candle chart. To see the chart of Cable, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle

Monthly chart suggests that in the longer term, the pair could be headed towards 1.40 having broken a trendline Support at 1.53. To see the monthly chart, click on: http://www.kshitij.com/graphgallery/gbpmth.shtml#mth


AUD-USD @ 0.6726/31...Ranged
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Aussie seems to be entangled in the moving averages as can be seen on the 3-day charts. Let's see whether the pair continues being bound by these MAs or it manages to break out. To see the 3-day line chart of Aussie, click on: http://www.kshitij.com/graphgallery/audma.shtml#ma

Happy Trading!

Published on  Wed, Jan 14 2009, 12:29 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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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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