FX Thoughts for the Day
USD-CHF @ 1.0743/46...Supported at 1.0731
R: 1.0801 / 1.0837-1.0853 / 1.0876
S: 1.0730-1.0700 / 1.0760-48
Dollar-Swiss has fallen sharply and has broken below the Support at 1.0801 (100-MA on the 4-hour chart). The Support at 1.0731 having held, the pair may now move up and test 100-MA on the 4-hour chart at 1.0801 once again. A break of 1.0801 will target the Resistance at 1.0837, (21-MA on the 4-hour chart).
Earlier, during the day, we had profited out of the Short entered at 1.0880.
Cable GBP-USD @ 1.6325/29...Immediate Resistance at 1.6388
R: 1.6369-1.6391 / 1.6405
S: 1.6242 / 1.6212-1.6205 / 1.6118
Cable had fallen duringthe day towards 1.6210 as an important Support near this region held. This Support having held, the pair is now likely to retrace towards 1.6388. Beyond this if the Resistance at 1.6388 holds, we see it falling further towards 1.5970 and possibly towards 1.5500 over the next several days/ weeks. However if the Resistance at 1.6388 holds, the range of 1.62-1.66 is likely to continue till the resolution of the range.
Aussie AUD-USD @ 0.7897/7900... Testing resistace at 200-MA on 4 hour chart
R: 0.7946-7962/ 0.7975
S: 0.7859 / 0.7804 / 0.7716
The Support that we had mentioned in the morning at 0.7790 has held and the pair is now moving up towards a short term target of 0.7948 (13-SMA on the 4-h chart). A comprehensive break below 0.7790 is likely to dip towards 0.7716 (Projected Max Low for the day). It is currently testing the Resistance at 0.7881 (200-SMA on the 4-hourly) and a comprehensive break past this would target 0.7948 during the US session.
Kshitij Consultancy Service
http://www.fxthoughts.com
Legal disclaimer and risk disclosure
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.
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