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FX Thoughts for the Day

Wed, Oct 28 2009, 11:55 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Service

Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 1.0230/34...Might rise towards 1.0300
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R: 1.0250 / 1.0280-0300 / 1.0387
S: 1.0200-0185 / 1.0155-35 / 1.0090

Swiss has risen during the day from the low of 1.0191. Immediate Resistance is seen at 1.0250, a break above which might see a rise towards 1.0280-0300 in the US session today. Note that 1.0292 is the 61.8% retracement level of the fall from 1.0452 (01-Oct) to 1.0034 (21-Oct). And the projected Max-High for the day is 1.0281. The chances of a rise towards 1.0300 is looking high as there is lack of strength on the downmove. However, if the Resistance at 1.0250 holds, a strong break below 1.0200 might pull it down towards 1.0150-30.
 

GBP-USD @ 1.6296/99...Look for 1.6250
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R: 1.6345-60 / 1.6418 / 1.6483
S: 1.6306-6282 / 1.6250-35 / 1.6180

The Cable has dipped slightly and the intra-day rally that we were foreseeing has not happened. The pair has been pushed off the Support of the 55-MA on the 1H. Expect the pair to fall towards 1.6250 or may be even towards 1.6180 over the next couple of sessions. It has broken the immediate Short term bullish bias range on the downside which is likely to lead to a test of 1.6250.

The Projected Max High and Low for the day is at 1.6483 and 1.6229 respectively.

 
AUD-USD @ 0.9029/31...Might dip further
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R: 0.9120 / 0.9140-60 / 0.9270
S: 0.9000 / 0.8900 / 0.8850

Aussie is keeping up the momentum on its downmove and has broken below the Support at the 21-DMA (0.9059) mentioned earlier. If the current downside momentum continues, a break below 0.9000 might pull it down towards the significant Trendline Support seen at 0.8900. As of now we expect the Trendline Support to hold and the overall uptrend to continue. However, we will have to wait and watch for the chances of Trend reversal. To see the Trendline Support on the Aussie graph click on the following link:
http://www.kshitij.com/graphgallery/audcandle.shtml#candle

Published on  Wed, Oct 28 2009, 11:56 GMT