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FX Thoughts - Evening I - 25-Nov-2009

25 Nov, 2009 @ 08:30 am ET | written by Kshitij Consultancy Service


Swiss USD-CHF @ 1.0010/13...Targeting parity

R: 1.0070 / 1.0130 / 1.0180-0200
S: 0.9980 / 0.9950 / 0.9876

Swiss is continuing to trade strong on the downside targeting parity. As mentioned earlier a break below 1.0030, might see further dip towards 0.9980-50 in the coming sessions/days. Any sharp upmove is not looking likely now. however a bounce back if seen from the current levels might see a rise towards 1.0130-50.

Cable GBP-USD @ 1.6732/36...Rallies on Dollar's weakness

R: 1.6750-56 / 1.6800 / 1.6925
S: 1.6600-6586 / 1.6549 / 1.6444

Cable rose further on global dollar-bearishness. A further rise towards 1.6850-90 may be seen in a couple of days. Intra-day correction is likely to be contained near 1.6650. There are chances that the rise being seen over the last 3-4 days would be sustained and would propel the pair towards 1.69+ over the next couple of days. Having found Support at the lower bound of the channel over the last 4 days, a rise towards the upper end of the channel (1.70+) would be strived for over the next couple of weeks. So till the pair trades above the Support mentioned above, the chances of rise towards 1.69 initally and 1.70+ thereafter cannot be ignored.

AussieAUD-USD @ 0.9290/93...Holding Long

R: 0.9320 / 0.9380-0.9400 / 0.9450
S: 0.9250 / 0.9220-00 / 0.9180

Aussie is continuing to trade strong on the upside. We might see further rise towards 0.9350-0.9400 over the next few sessions/days. Any sharp downmove is not looking likely now and we expect the Support in the 0.9220-00 region to hold in the US session today if any pull back is seen.Holding:
AUD 10K Long at 0.9215 (up from 0.9175), TSL 0.9175, TP Open
As soon as the market trades 0.9330 bring TSL up to 0.9240

Happy Trading!

This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service

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