FX Thoughts for the Day
USD-CHF @ 1.0325/29.... Could dip further
R: 1.0400 / 1.0450 / 1.0500 / 1.0550
S: 1.0320-300 / 1.0270-250
Swissy has broken below the tight range of 1.0350-400 earlier in the day and is expected to test Support at 1.0300 and possibly even 1.0250 if the US Durable Goods disappoint. To follow the data release click on:
http://www.kshitij.com/fundamentals/calendar/calendar.shtml
http://www.kshitij.com/fundamentals/funcharts/usdur.shtml
On the other hand if the data springs a positive surprise, the pair could get rise once again to test the Resistance at 1.0400 over the US session, however, a rise from here is not very likely.
GBP-USD @ 1.9968/72... Overall bullish
R: 1.9960-70 / 2.00 / 2.0050
S: 1.9850-30 / 1.9780
The channel we have been following on Cable has held to result in a sharp rise from the Support at 1.9830 over yesterday and today. To see the channel click on:
http://www.kshitij.com/graphgallery/gbpcandle.shtml
This rally in the pair overlooks the GDP release of UK that was almost flat at 0.2%, its 5-yr lows.
For now this sharp rise has brought Cable close to Resistance at 1.9970 region. A rise past the Resistance is not expected immediately unless it is data driven. Expectedly a dip to 1.9925 could be possible before a break of 2.00 is seen. Overall target remains put at 2.0200.
Our long entered at 1.9853 has seen profit at 1.9950.
AUD-USD @ 0.9589/93... Pressured below 0.96
R: 0.9600-30 / 0.9650 / 0.9700-25
S: 0.9570-40 / 0.9500 / 0.9460
The pair has been trading below 0.9600-10 over the day. It is expected to remain pressured below the mentioned Resistance. For now, till the pair remains below 0.9620-30 it is expected to fall towards the stronger Support at 0.9500.
The overall direction is currently sideways, within an upward channel, which can be seen at:
http://www.kshitij.com/graphgallery/audcandle.shtml
A rise beyond 0.9600, which currently seems improbable, is likely to face Resistance at 0.9630, the projected Max High for the day.
Exit Trade:
- Exit Long 10K AUD at Current Level entered at 0.9605
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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