FX Thoughts for the Day

USD-CHF @ 0.9053/58...Buy dips
R: 0.9085 / 0.9130-50 / 0.9230-50
S: 0.9045 / 0.9000-8985 / 0.8945

Dollar-Swiss is trapped in a narrow range between 0.9045-85 today. With no significant move seen on either side during the day, our view remains the same. A dip to 0.9000-8985 looks likely. A further break below 0.8985 can take it down further to 0.8945-00. This 0.8945-00 is a strong Support region seen on the downside which is expected to hold. A fresh rally can be seen from this Support region. But there are chances that the immediate Support in 0.9000-8985 region itself holding well. We will have to wait and see what happens.

Limit Buy Order:
Buy USD 10K at 0.9000, SL 0.8935, TP 0.9130
 

GBP-USD @ 1.5924/27...Outlook not clear. Stay away.
R: 1.5950 / 1.6000-25 / 1.6130-50
S: 1.5900-5870 / 1.5840 / 1.5800

The 21-DMA (currently at 1.5947) is resisting Cable from further rise and is keeping the pair ranged between 1.5900-50 all through the day. The outlook is mixed as things are not clear whether the pair could be ranged between 1.5900-850 on the downside and 1.6100-50 on the upside or there is a threat of a Double-Top on the daily chart which could drag the pair sharply lower. We will continue to stay out of the market and see how it closes for the week today.


 
 AUD-USD @ 1.0151/54...Bearish while below 1.0200-50 Resistance region
R: 1.0200 / 1.0230-50 / 1.0350
S: 1.0100 / 1.0050 / 1.0000

Aussie is ranged between 1.0100-0200. As mentioned in our Morning comments, 1.0200-50 will be an important Resistance region to be watched on the upside and while below this Resistance region, a test of 1.0000 on the downside looks likely. Having said this, will be looking to sell rallies to 1.0250.

Limit Sell Order:
Sell AUD 10K at 1.0230, SL 1.0320, TP 1.0030

Happy Trading!
 

Source http://www.fxstreet.com/technical/analysis-reports/fx-thoughts-for-the-day/2011-11-11.html



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