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FX Thoughts for the Day

Tue, Nov 3 2009, 11:51 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Service

USD-CHF @ 1.0337/40...Holding Short
R: 1.0355 / 1.0395 / 1.0430
S: 1.0270-50 / 1.0200 / 1.0150

Swiss has risen sharply during the day breaking above the Resistance region 1.0250-80 which we expected to hold. The next significant Resistance is seen at 1.0355 (55-DMA). If it continues to trade higher, a strong break above the Resistance at the 55-DMA (1.0355) might increase the chances of a further rise towards 1.0450-0500 in the coming days which would also signal a trend reversal.

On the downside Support is seen in the region 1.0270-50 (Resistance-turned-Support region), a break below which might see a downmove towards 1.0200 in the US session today.

Holding:
USD 10K Short at 1.0260, SL 1.0350, TP Open
As soon as the market trades 1.0190 trail SL down to 1.0250
 

GBP-USD @ 1.6267/70...May be bought near 1.61
R: 1.6351-63 / 1.6383-92 / 1.6453
S: 1.6242 / 1.6191 / 1.6100

Cable has fallen and is taking Support near the 55-DMA. Till this Support region holds, expect it to rise towards 1.65 once again. Else, a fall towards 1.61 and 1.60 are on the cards. The range of 1.60-65 mentioned yesterday is what we look for over the next few days in Cable. For today, however, one may attempt a buy near 1.6100. Though the Projected Max Low is at 1.6242, it is just at a stone's throw away from there.

 
 AUD-USD @ 0.8920/23...Holding Long
R: 0.8965 / 0.9050 / 0.9110
S: 0.8950-20 / 0.8900 / 0.8800

Aussie continued to trade lower during the day and is now trading in the Support region 0.8950-20 mentioned earlier. Trendline Support is seen at 0.8900 which we expect to hold and the uptrend to continue. However, a strong break below this Trendline Support (0.8900) would signal a trend reversal which might pull it down towards 0.800-8750 in the coming days. To see the Trendline Support on the AUD-USD graph click on the following link:
http://www.kshitij.com/graphgallery/audcandle.shtml#candle

Holding:
AUD 10K Long at 0.8950, SL 0.8860, TP 0.9150
As soon as the market trades 0.9030 trail SL up to 0.8970

Happy Trading!
 
 

Published on  Tue, Nov 3 2009, 12:02 GMT