FX Thoughts for the Day

Kshitij Consultancy Service Team from Kshitij Consultancy Service at 11/17/09

USD-CHF @ 1.0171/74...Resistance in the region 1.0185-0200
R: 1.0185-0200 / 1.0230
S: 1.0100 / 1.0050-30 / 1.00

Swiss has risen sharply during the day and is now trading higher above the Resistance region 1.0130-50 which we expected to hold during the day. Immediate Resistance is seen in the region 1.0185-0200 which we expect to hold in the US session today as the broader picture continue to remain bearish. Also note that the pair has not see a strong break above 1.0200 for the last couple of weeks. On the downside Support is seen in the region 1.0070-50.

We booked a profit of 40 pips from the Short position entered at 1.0185.
 
 
GBP-USD @ 1.6772/75...Buy dips
R: 1.6925 / 1.6980 / 1.7050-60
S: 1.6756-50 / 1.6688-50

Cable has fallen after rising towards 1.6873 during the day. Some more correction is likely to be contained near 1.6750. Else, 1.6650 Support may once again be tested. If seen, this would be a good level to go Long. If however, the Cable rises without falling below 1.6750, chances of a rise towards 1.6925-40 looks good. A significant rise past 1.6925-40 would take the pair towards 1.7050+ over the next few days. Else, there are equal chances that the pair may move up gradually in a bullish wedge on the 4H candles.

Limit Buy Order:
Buy GBP 10K at 1.6660, SL 1.6610, TP 1.6850

 
 AUD-USD @ 0.9260/63...Support in the region 0.9225-00
R: 0.9320 / 0.9380-0.9400 / 0.9480
S: 0.9225-00 / 0.9180 / 0.9120

Aussie has broken below 0.9300 during the day and is now trading lower. If it continues to trade below 0.9300, we might see a downmove towards the Support region 0.9225-00 in the US session today. The broader picture continue remain bullish and we expect the Support region 0.9225-00 to hold and might see a bounce back once again towards 0.9350-0.9400 from this Support region (0.9225-00).

Holding:
AUD 10K at 0.9255, SL 0.9175, TP Open

Happy Trading!