FX Thoughts for the Day
USD-CHF @ 1.0855/58...Ranged between 1.08-09
R: 1.0896 / 1.0970-1.1000 / 1.1066
S: 1.0839 / 1.0805 / 1.0765
Dollar-Swiss continues to trade above the 21-DMA (1.0810) Support. It has oscillated between the 1.0818-1.0914 during the day as we had anticipated. Till the 21-DMA holds, the pair could be ranged between 1.08 to 1.09. However if the possible breakout that we had mentioned in the morning happens on the upside, the pair may move upto 1.10 as the pair continues to oscillate between 1.06 to 1.10 over the last several days. However a break of the 21-DMA Support would once again target the lower bound of the range at 1.06.
Cable GBP-USD @ 1.6557/61...Holding Short
R: 1.6600 / 1.6660-76 / 1.6916
S: 1.6483 / 1.6424 / 1.6365
Cable has risen during the day and is inching towards the upper end of the range at 1.6600. A break past this would try to target 1.6676 and face strong Resistance near this region. This being the Projected Max High for the day. One may continuosly look for Selling opportunities near this level. Again we continue to reiterate that a rise past the 1.66-1.67 region is likely to be bullish for the pair as it may next target 1.70+. However a sharp fall from hereon (possibilities for which are rife) is likely to see it move towards the lower end of the medium term range at 1.62.
Holding:
GBP 10K Short at 1.6537, SL 1.6610, TP 1.6450
Aussie AUD-USD @ 0.8054/57...Mixed
R: 0.8090 / 0.8142 / 0.8200-36
S: 0.8012-7996 / 0.7919
Aussie has traded rather ranged and is looking to move up from here. A break past the immediate Resistance at 0.8090 is likely to next target 0.8140-80. A further rise beyond 0.8090 will possibly be curtailed near 1.8140-80 at which time it would be good to go Short. But if the Resistance at 0.8090 continues to hold, we might see the pair moving towards 0.7780-50 over the course of next few days.
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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