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FX Thoughts for the Day

Tue, Oct 27 2009, 11:52 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Service


EURO, JAP YEN and EURO-YEN

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USD-CHF @ 1.0185/89...Resistance at 1.0220
R: 1.0200-20 / 1.0250 / 1.0270-85
S: 1.0150 / 1.0110-00 / 0.9965

Swiss has risen from the low of 1.0149 during the day. However, it was not able to see a break above 1.0200. The broader picture continues to remain bearish and we expect the Resistance at 1.0220 mentioned earlier to hold in the US session today. Incase if 1.0220 is broken, we might see a rise towards 1.0250-70.

On the downside, immediate Support is seen at 1.0150, a break below which might see a downmove towards 1.0100-1.0080.
 
 
GBP-USD @ 1.6391/95...Testing Resistance
R: 1.6456 / 1.6539
S: 1.6404 / 1.6357 / 1.6320-10

Cable is testing the Resistance region mentioned in the morning. If honoured, we would expect the pair to fall towards 1.62 initially and 1.60 thereafter. If broken, the pair may move up towards 1.6550-1.6600 and beyond that it might continue within the medium term uptrend. The chances are equal. It has moved down a little on the 1st testing, but we shall have to see. The Projected Max High for the day is at 1.6456

To see the chart of Cable weekly candles, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle


 
 AUD-USD @ 0.9182/85...Support in the region 0.9120-00
R: 0.9200-20 / 0.9266 / 0.9305
S: 0.9120-00 / 0.9050-35 / 0.8905

After breaking above 0.9200 and recording a high of 0.9217, Aussie has fallen once again and is now trading below 0.9200. Failure to see a strong upmove above 0.9200 is keeping the pressure on the downside. If it continues to trade below 0.9200, we might see a downmove once again towards the Support region 0.9120-00 in the US session today which we expect to hold as the broader picture continues to remain bullish.

On the upside a strong break above 0.9200 might see a rise towards 0.9300 in the coming sessions.

Happy Trading!

Published on  Tue, Oct 27 2009, 12:05 GMT


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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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