FX Thoughts for the Day
USD-CHF @ 1.0493/98...Could rise to 1.0570-0630
R: 1.0562 / 1.0628
S: 1.0450 / 1.0390
Like Dollar-Yen, USD-CHF has seen a sharp rise today, from the 1.0410-0390 region on the downside. We had suggested a range of 1.0430-0535 for the day and a range of 1.0370-0570 for the week. If the Resistance at 1.0570 does not hold, a test of stronger Resistance at 1.0628 could also be seen.
GBP-USD @ 1.9570/74...Can rise further
R: 1.9605 / 1.9637 / 1.9663
S: 1.9540 / 1.9500 / 1.9442
We had suggested the existence of an important Support at 1.9440 in the morning. Despite the worse than expected UK Trade Balance numbers, the Pound has shot up from 1.9494 in the morning to near 1.9605 and is currently trading near 1.9582. A further rise towards 1.9665 is possible, either later today, or buy tomorrow. The projected Max High for the Day is 1.9637.
AUD-USD @ 0.9425/30...Buying dips recommended
R: 0.9459 / 0.9472 / 0.9500
S: 0.9415 / 0.9380 / 0.9350
The Aussie has moved up during the day to 0.9459. It is now likely to range sideways between 0.9380-9460 and 0.9350-9500 for the next couple of days. Buying dips is recommended.
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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