FX Thoughts for the Day
USD-CHF @ 1.0520/24...Gearing up for breakout
R: 1.0595-0605 / 1.0630-45
S: 1.0480 / 1.0418 / 1.0389
Thankfully we took profit at 1.0490 in the morning today on our Short entered at 1.0585 yesterday. There is Resistance again at 1.0595-0605. While this holds, a dip back towards 1.0500 could be seen in the US session. Beyond that, the market is gearing up for a breakout, either up past 1.0610 towards 1.0650 and 1.0690; or down towards 1.0420.
Looking at the Daily charts, there seem to be chances of a break on the upside. Looking at the Oscillators, however, the market is overbought and a fall should take place. Take a look at the Oscillators by clicking on
http://www.kshitij.com/graphgallery/chfosc.shtml
GBP-USD @ 1.9435/38...Could dip now
R: 1.9445 / 1.9475 / 1.9500
S: 1.9396 / 1.9363 / 1.9311
Having fallen below 1.9440, the danger of a rise past 1.9500 has abated quite a bit. Instead, a test of 1.9363 looks possible now. Still, there could be bargain hunting buying on the dip.
A fall past 1.9363 can take the market down towards 1.9311, the projected Max Low for the day.
AUD-USD @ 0.9373/75...Staying out
R: 0.9394 / 0.9416
S: 0.9289 / 0.9261
The Aussie has been trading up and down in an indecisive range of 0.9289-9395 so far today and is currently in the middle of this range. This range will likely break in the next couple of days, possibly on the downside. If so, a fall towards 0.9130 can be seen. The outlook is not clear enough to put on a trade, however. Staying out.
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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