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Thursday January 29, 2009 - 12:31:15 GMT
FX Thoughts for the Day - www.fxthoughts.com

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FX Thoughts for the day : 29-Jan-2009 - 1228 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 @ 1.1468/74...Support at 1.1380
--------------------------
R: 1.1639-54 / 1.1721
S: 1.1457-51 / 1.1397-87
Swiss has started colling off after having risen to record a high of 1.1583 during the day. The range mentioned in the morning held and the lower end of the range is likely to be tested now where it could take Support for some time at the 100-MA on the hourly chart. The range for the US session is likely to be 1.1380-1.1640. To see the chart of Swiss, click on:
http://www.kshitij.com/graphgallery/chfcandle.shtml#candle

Till this Support at 1.1380 holds a pull back towards 1.16 is possible. A break could take it towards 1.1314 (at 100-week MA) which has been holding strong through the week.
 
 
GBP-USD @ 1.4304/07...Mixed and volatile.
---------------------------------
R: 1.4377 / 1.4490 / 1.4850
S: 1.4095 / 1.4013 / 1.3964
Cable shot up once again after trading lower through major part of the day. It dipped lower towards 1.4071 as it took Support at 55-MA on the 4-hourly. It could go upto 1.4490 which is the 21-day MA during the US session. If it manages to continue with the bullish run that the pair has been witnessing over the last 4 days, a rise towards 1.4850 looks possible over the next couple of days before it eventually dips towards the lower end of the channel. To see the chart of Cable, click on:
http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle

We reiterate our broader vision that we have been mentioning for sometime. If the Support at 1.39 breaks, the pair could eventually dip towards 1.35 first and below that towards 1.29 over a longer time frame.


 
 
AUD-USD @ 0.6578/82...Ranged with downside bias
--------------------------------------
R: 0.6597 / 0.6606-34 / 0.6674-78
S: 0.6543 / 0.6271 / 0.6236
Aussie has traded between a range of 0.6534-0.6612 and has now started inching towards the higher end of this range once again. After having spiked below the Projected Max Low for the day by 9 pips, the pair bounced back. Overall view continues to be the same as in the morning. There is likelihood of it continuing in the range of 0.63-0.67 over the next few days and also during the US session. The eyes would be set on the next week's RBA meet which could possibly pull down the pair towards 0.63 eventually. To see the chart of Aussie, click on:
http://www.kshitij.com/graphgallery/audcandle.shtml#candle

 

Happy Trading!
 

 

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