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Friday February 6, 2009 - 12:58:37 GMT
FX Thoughts for the Day - www.fxthoughts.com

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FX Thoughts for the day : 06-Feb-2009 - 1255 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 @ 1.1712/18...Holding Long
-----------------------------
R: 1.1743 / 1.1887-98
S: 1.1681 / 1.1650 / 1.1598-80
Swiss has traded in a thin range during the day and has shown inability to rise upwards of 1.1743 seen during the early Asian session today. Having seen a sharp surge yesterday could possibly consolidate before it starts moving up topwards 1.19 as mentioned in the morning. Swiss has Resistance at 1.1843 (76.4% fibonacci retracement of the fall from 1.2300 to 1.0373). To see the chart of Swiss, click on:
http://www.kshitij.com/graphgallery/chfcandle.shtml#candle

We are holding the Long in anticipation that this consolidation phase would end soon and Swiss would begin a fresh journey upwards. If it dips during the US session, we would want to buy USD near 1.1610. Projected Max Low for the day is at 1.1519 and Max High at 1.1898.

Holding:
Long USD 10K at 1.1716, SL 1.1670, TP 1.1770
 

GBP-USD @ 1.4659/66...Strong Resistance at 1.4825
-------------------------------------
R: 1.4738 / 1.4841 / 1.4899
S: 1.4617 / 1.4569-51 / 1.4483-71
Cable has spiked above the Resistance region of 1.4750 when it touched 1.4768 briefly and has since then dipped towards the current levels. Same view holds, the pair could rise towards 1.4825 and then possibly dip towards 1.4250 over the next few days as evidenced by the daily candle charts. However if the break of Resistance at 1.4825 happens, it might surge towards 1.4950 where trendline Resistance exists on the weekly charts. To see the chart of Cable, click on:
http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle

 
AUD-USD @ 0.6593/96...Resistance at 0.6660
---------------------------
R: 0.6612 / 0.6650-53 / 0.6706
S: 0.6530-13 / 0.6495-70
Aussie has broken past the Resistance at 21-day MA and next has trendline Resistance near 0.6650-60 on the daily candle charts which coincides with the 21-week MA Resistance but prior to that a brief Resistance at 0.6640 on the 4-hour candles. To see the chart of Aussie, click on:
http://www.kshitij.com/graphgallery/audcandle.shtml#candle

We would want to Short on a break above 0.6660 but the US NFP later during the day could possibly throw up some volatility which keeps us off from entering into trade at this point.

 

Happy Trading!
 

 

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