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Wednesday September 24, 2008 - 12:43:31 GMT
FX Thoughts for the Day - www.fxthoughts.com

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FX Thoughts for the day - Evening - 24-Sep-2008 -1241 GMT

EURO, JAP YEN and EURO-YEN
---------------------------
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register

Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
---------------------

 
 
USD-CHF @ 1.0821/25...Either ranged or bullish
----------------------------------------------
R: 1.0898 / 1.0914 / 1.0954
S: 1.0842-26 / 1.0782 / 1.0752 / 1.0726
In the big picture, Dollar-Swiss could be headed up towards 1.13 while it remains above 1.07. In case of a break below 1.07, look for a fall towards 1.04.

In the more immediate here and now, the Resistance at 1.09 we had pointed out in the morning has held and the market has come off a bit from there. The market ought to, at worst, be ranged between 1.07-09 over today-tomorrow. If the Support in the 1.0840-0780 region holds, however, we might see a rise towards 1.0954 by tomorrow.

Limit Buy Order:
Buy USD 10K at 1.0760, SL 1.0670, TP Open

 
 GBP-USD @ 1.8570/74...Bullish, watch Support at 1.8470
------------------------------------------------------
R: 1.8610 / 1.8643
S: 1.8488-77 / 1.8400
As per the "wedge" patter on the Daily Candles, the GBP-USD can rise towards 1.8750 (and higher) in the coming days. Please take a look at
http://www.kshitij.com/graphgallery/gbpcandle.shtml

Looking at the MACD, however, it appears that the market had moved up too fast and might need to give back some of it gains before it can gain traction to move further up towards 1.8750. If this be true, then we could see a dip towards 1.84 over the next couple of days. Take a look at the first chart on
http://www.kshitij.com/graphgallery/gbposc.shtml

On the 4-hour, though, there is an important Support at 1.8488-77. Should that hold through today-tomorrow, the higher levels of 1.8750 might be possible without a prior dip towards 1.8400.

 

 
 AUD-USD @ 0.8408/12...Holding Long
-----------------------------------
R: 0.8405 / 0.8439 / 0.8488-8510
S: 0.8356 / 0.8321 / 0.8289-79
As expected the Aussie has been finding Buyers on dips and now has good Support at 0.8356. While this Support holds, we could look for a rise towards 0.8510 (projected Max High for the Day), if not 0.8594, the projected Max High for the Week. IN CASE of a break below 1.8356, look for a dip towards 0.8280, to be followed by some sideways trading between 0.8280-0.8434.

Holding:
AUD 10K Long at 0.8360, SL 0.8310, TP Open

 


Happy Trading!
 

 

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