|FX Thoughts - Evening II - 11-Oct-2012|
1803 IST or 1233 GMT or 0833 EST
|USD-CHF @ 0.9353/56... Bearish for a fall to 0.9300|
|R: 0.9400 / 0.9430 / 0.9460|
S: 0.9300 / 0.9250 / 0.9200
Exactly as expected the pair on the bounce could not cross 0.9430-35 rather it did not manage to cross 0.9400 itself and took resistance at the 200 EMA and the channel at 0.9400 on the daily charts and fell lower towards 0.9350 and can be expected to move towards 0.9300. The view is bearish. The upside has good resistance at 0.9410-30 and 0.9460 which is expected to cap the pairs upside. The pair can be sold on a rise to 0.9400 with a stop above 0.9460. A rise above 0.9460 might change the bearish mood and the situation will have to be reassessed.
Limit Sell Order:
Sell 10K at 0.9410, SL 0.9475, TP 0.9325
|GBP-USD @ 1.6045/48...A bounce to 1.6080 or even 1.6160 is possible|
|R: 1.6080 / 1.6160 / 1.6250|
S: 1.5990 / 1.5910
The pair did hold on to its support of 1.5990 through the day and has risen well and is expected to rise towards 1.6080 soon. The pair on the bigger picture looks bearish and any rise to 1.6080 and 1.6130 can be sold with a tight stop, 1.6030 happens to be a trend line resistance on the daily charts which looks good to be held. The down side seems to be safe till it holds on to its support of 1.5990 on the break of which a further fall to 1.5910 can be seen.
|AUD-USD @ 1.0280/83...can rise further to 1.0330-375|
|R: 1.0325 / 1.0375|
S: 1.0230 / 1.0180 / 1.0100
Aussie traded in the 1.0260-90 range for the whole day and looks good to gain more with 1.0330 and 1.0375 in sight. On the bigger picture it looks to be ranged between 1.0620-180 and this current pull back can take it to 1.0375 which if crossed a further up move can also be seen. We will have to wait and see if 1.0375 which if held can be a good level to enter a short in the pair we will have to wait and watch.
This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service