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FX Thoughts for the Day

Thu, Jan 15 2009, 12:04 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Services  |  View company's profile

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USD-CHF @ 1.1191/93...Range held
-------------------------
R: 1.1304 / 1.1364-65 / 1.1408
S: 1.1109 / 1.1053 / 1.0982-75
Swiss continued to remain ranged during the day. 1.1228 (200-MA on the 4-hourly) is where the Resistance is at presently. A breach of this target could initially be targetting 1.1329-50, a rise past which would mean the break of possible Neckline. But possibly, a rise should be restricted to 1.1350 and then consolidate there till the realisation of the triangle. To see the chart of Swiss, click on: http://www.kshitij.com/graphgallery/chfcandle.shtml#candle

A breach of the Support near 1.11 could possibly be targetting 1.09 over the next few days unless it turns out to be a false break.
 

GBP-USD @ 1.4598/602...Support at 1.43
---------------------------------
R: 1.4681 / 1.4739-49 / 1.4776
S: 1.4593-70 / 1.4436 / 1.4329
The pair rose up towards 1.4657 during the day only to slip later from there. Overall, Cable continues to slide in a downward sloping wedge on the 3-day candle charts, the Support for which is available at 1.4329 which is also the Projected Max Low for the day. To see the chart of Cable, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle

The pair could possibly be ranged between 1.4400-1.4750 for the US session as well. Broader vision suggests that in the long term, the bearishness may continue and the pair could continue to slide having broken an important Support level at 1.53 as can be seen on the monthly chart. The next Support in the longer horizon looks to be 1.39. To see the monthly chart of Cable, click on: http://www.kshitij.com/graphgallery/gbpmth.shtml#mth

 
AUD-USD @ 0.6621/26...Stop Loss Buy Order
-------------------------------------
R: 0.6631-51 / 0.6713-21 / 0.6754
S: 0.6494 / 0.6171
Aussie, too, has remained ranged during the day and is now making attempts to break free of the Resistances at 0.6630-45 which could find Resistance immediately near 1.6712. If the Resistance in this region holds, it may continue to be pressured lower towards 0.63 region where a trendline Support exists on the 3-day candle chart. To see the chart, click on: http://www.kshitij.com/graphgallery/audcandle.shtml#candle

Stop Loss Buy Order:
Buy AUD 10K @ 0.6640, SL 0.6610, TP 0.6690
 

Happy Trading!

Published on  Thu, Jan 15 2009, 12:06 GMT

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