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FX Thoughts for the Day

Wed, Nov 4 2009, 11:49 GMT
by Kshitij Consultancy Service Team

Kshitij Consultancy Service

USD-CHF @ 1.0238/41...Resistance at 1.0280
R: 1.0280 / 1.0347 / 1.0380-95
S: 1.0220 / 1.0180 / 1.0150

Swiss broke below the Support at 1.0250 during the day. However a strong downmove below 1.0250 was not seen and it is trading in a very narrow range of 1.0225-50. Our view continue to remain the same on the pair. On the upside Resistance is seen at 1.0280 which we expect to hold in the US session today. However, a break above which might see a rise towards 55-DMA Resistance (currently at 1.0347).

we expect the overall downtrend to continue and see a downmove towards 1.0200-0180 in the US session today. Note that the projected Max-Low for the day is 1.0180.

Holding:
USD 10K Short at 1.0260, SL 1.0315 (down from 1.0350), TP Open
As soon as the market trades 1.0190 trail SL down to 1.0250
 

GBP-USD @ 1.6518/23...Resistance near 1.66
R: 1.6547-76 / 1.6651-86 / 1.6750
S: 1.6478 / 1.6366 / 1.6256

Cable has risen past 1.65 and is now likely to face Resistance at 1.66 as mentioned in the morning. If 1.66 holds, expect the pair to come down during the US session towards 1.6450 thereafter. We would expect the pair to range towards 1.6250-1.66 over the next couple of sessions. Lot also depends on FOMC outcome today. Though the interest rates are not likely to be changed, the comments would be listened carefully. We would stay off as volatility is likely to be seen closer to the FOMC meeting which is scheduled later today.

 
 AUD-USD @ 0.9070/74...Bullish
R: 0.9085 / 0.9110-25 / 0.9155
S: 0.9020 / 0.8950-20 / 0.8870

Aussie continued to trade above 0.90 during the day thereby keeping up the overall bullish sentiment alive. If it continues to trade higher, we might see a rise towards 0.9120 in the US session today. However, immediate Resistance is seen at 0.9085. If it holds, we might see a pull back towards 0.9000-0.8980 in the US session today. As mentioned earlier significant Support is seen in the region 0.8950-20 which we expect to hold and the overall uptrend to continue.

Limit Buy Order:
Buy AUD 10K at 0.8980, SL 0.8890, TP Open

Happy Trading!
 
 

Published on  Wed, Nov 4 2009, 12:07 GMT