FX Thoughts for the Day

USD-CHF @ 1.0601/04...Rounding Top

R: 1.0641 / 1.0671 / 1.0717
S: 1.0593 / 1.0560-47

Swiss fell. It has given in to the rounding top and is tradng near 1.0593, the projected max low for the day. The support near 1.0600 seems to be holding as of now, but a srtong break below this may see further fall towards 0.5953-32 in the US Session today.

On the upside, we may see it rising towards 1.0641 if it holds above 1.0593. The borader picture remains bullish and along with the Resistance-turned-Support level at the 55-DMA (1.0547) we might expect a bounce back towards 1.0850 in the days ahead

To see the Rounding Top on the daily candles click on the following link:

http://www.kshitij.com/graphgallery/chfcandle.shtml#candle

Limit Buy Order:

Buy USD 10K at 1.0560, SL 1.0480, TP Open

Cable GBP-USD @ 1.5148/51...Immediate Resistance at 1.5200

R: 1.5200-30 / 1.5250 / 1.5300
S: 1.5130-00 / 1.50 / 1.4950-30

Cable has broken above the Resistance at 1.5100-30 region and is now trading higher. The Home price data release which showed the fastest pace of increase in the UK house prices in more than seven years supported the price rise. Immediate Resistance is seen in 1.5200-30 region which is expected to hold in the US session today. However, a break above 1.5230 might increase the chances of further rsie towards 1.5300.

On the downside Resistance-turned-Support is seen in 1.5130-00 region. A break below 1.51 might see 1.50 on the downside once again.

Aussie AUD-USD @ 0.9183/86...Holding Long

R: 0.9200 / 0.9239-53 / 0.9294
S: 0.9153 / 0.9108 / 0.9066-51

As per our expectaions, Aussie has moved up and is trading near the Resistance at 0.9200. We may see a break above the immediate Resistance level which may take it towards 0.9239, the projected max high for the day. On the downside we see 0.9153 as a good immediate Support and do not expect break below this today.

Overall we are bullish and may see 0.9350 in the days ahead.

Holding:

AUD 10K Long at 0.9163, SL 0.9125, TP 0.9225

AUD 10K Long @ 0.9152, SL 0.9125, TP 0.9215

Kshitij Consultancy Service
http://www.fxthoughts.com

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These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsibly for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.