FX Thoughts for the Day
USD-CHF @ 0.9928/32....Holding Short
R: 0.9940 / 0.9990
S: 0.9870 / 0.9830 / 0.9800
USD-CHF had a very sharp fall yesterday, as the pair seems to have restarted the long-term downswing, which was seen up until 17-Mar. Note that yesterday’s fall was the largest in the last 10-days. The chart is at http://www.kshitij.com/graphgallery/chfcandle.shtml . Thus, should the current losses sustain, the pair could fall towards its prior low of 0.9637 in the next 2-weeks. Note the pair also failed near its MA’s in the last few days, adding to the bearishness. The MA’s chart is at http://www.kshitij.com/graphgallery/chfma.shtml
The pair rallied to a high of 0.9988 during the day, which has seen selling come in. Today the immediate Support is at 0.9885-82, and a sustained break below that would trigger a fall towards 0.9840. On the upside the Resistance is at 0.9980 and 1.0010. We are holding a Short position.
Holding:
- USD 10K Short at 0.9960, TSL 0.9960 (down from 1.0030), TP 0.9830
GBP-USD @ 2.0176/80...200-Day MA at 2.0145
R: 2.0220 / 2.0270
S: 2.0140 / 2.0100
GBP-USD has had a sharp rally during the day and with that it has moved above its 200-Day MA of 2.0145. The pair is currently below its Resistance of 2.0220, which is likely to see selling. Above that strong Resistance would come in at 2.0270.
On the downside the Support is at 2.0140 and 2.0100. The pair is likely to see buying on rallies, however we are now removing our pending buy order, as we are holding position(s) elsewhere.
AUD-USD @ 0.9228/32...Holding Long
R: 0.9250-60 / 0.9309
S: 0.9190-80 / 0.9140
AUD-USD has been relatively firm during the day, however it is maintaining below its important level of 0.9250-60. A close above that on a sustained basis would add to the upward momentum, and if that is seen then there could be a rally towards 0.9309, the statistically projected Max High for the day.
On the downside the Support is at 0.9190-80, on a trendline on the 4-Hourly joining the lows of 0.8982 (24-Mar) and 0.9121 (26-Mar). Below that the Support is at 0.9140. We are holding a Long position in the pair currently. We would be looking to add to long on a dip.
Holding:
- AUD 10K Long at 0.9223, SL 0.9160 (up from 0.9108), TP 0.9278
Limit Buy Order:
- Buy AUD 10K at 0.9142, SL 0.9108, TP 0.9205
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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