FX Thoughts for the Day
USD-CHF @ 0.9985/90....Bearish Biased
R: 1.0040 / 1.0080-93 / 1.0123-48
S: 0.9960 / 0.9910-00
There has been little directional move in the Dollar-Swiss over the last 24-36 hours and it continues to be ranged sideways between 0.9900-0150 for the next few days. In the bigger picture, while the market trades below 1.0150-0200, there are still chances of an eventual fall towards 0.98 and lower in this week, as can be seen on http://kshitij.com/graphgallery/chfcandle.shtml
The pair hit a low of 0.9954 during the day and is above its important Support of 0.9960. A break below that would result in a fall towards 0.9910-00, on the trendline on the 4-Hourly joining the lows of 0.9785 (18-Mar) and 0.9888 (10-Apr). On the upside, the Resistance is at 1.0000 and in the 1.0050 region.
GBP-USD @ 1.9680/85....Holding Long
R: 1.9800 / 1.9860
S: 1.9700 / 1.9650 / 1.9595
GBP-USD has fallen sharply do far in the day, after the UK CPI Number, which came in lower than expected. See chart at http://www.kshitij.com/fundamentals/funcharts/ukcpi.shtml. The pair is currently above an important Support of 1.9650 and a break below that could result in a sharp fall, initially towards 1.9595, the statistically projected Max Low for the day.
On the upside the Resistance is at 1.9740 and then at 1.9800. We are holding a Long, expecting 1.9650 to hold.
Holding:
- GBP 10K Long at 1.9700, SL 1.9610, TP 1.9800
AUD-USD @ 0.9245/50...Can fall towards 0.9130
R: 0.9240 / 0.9280 / 0.9330-50
S: 0.9200 / 0.9167
After a brief rally during the day, AUD-USD has fallen back down and looks pressurized. Further fall is not ruled out over the next few hours towards 0.9200 or even lower towards 0.9160. Note that the statistically projected Max Low for the day would come in at 0.9197.
On the upside the Resistances are at 0.9300 and then at 0.9340. We are holding a Short position in the pair.
Holding:
- AUD 10K Short at 0.9270, SL 0.9270 (down from 0.9360), TP 0.9180
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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