FX Thoughts for the Day
USD-CHF @ 1.0975/79.... Could dip before the rise
R: 1.1000-25 / 1.1040-50 / 1.1150-75
S: 1.0950 / 1.0900 / 1.0850-40 / 1.0800
The pair has Strong Resistance in the 1.1020-60 region. A rise in the day was restricted to 1.1035, form where a dip towards 1.0955 has been seen already. The dollar has slipped in the day and if it continues to weaken a slip towards 1.09 could also be seen over the day.
The Support at 1.09 is very important and provided it continues to hold, a rise towards 1.1060 could be seen over the week. A break of 1.09 could be bearish in the near-term. Keep an eye on the US Housing Starts expected to release later in the day. To follow the data release click on: http://www.kshitij.com/fundamentals/funcharts/ushsgstarts.shtml
The US PPI is also scheduled for release today, to see the chart click on: http://www.kshitij.com/fundamentals/funcharts/usppi.shtml
The Long we were holding has seen TP.
GBP-USD @ 1.8615/19.... Could rise towards 1.8675-92
R: 1.8700-15 / 1.8760-80 / 1.8820
S: 1.8650-30 / 1.8610-00 / 1.8560-50
Cable had dipped earlier in the day to a low of 1.8539, however, a sharp buying interest from there has resulted in a bounce to 1.8620 since then. For the day, 1.8675-8700 is a strong Resistance and a rise further beyond it might not be seen later in the day.
A sharp fall has been witnessed in the last month in Cable and so a small bounce should not surprise. However, the bounce in contention is expected to be restricted to 1.8850-8900 before the slide towards 1.80 initiates.
Our Long entered in the day has met it's target.
AUD-USD @ 0.8666/69....Could rise to 0.8725 in the day.
R: 0.8725-40 / 0.8780-8800 / 0.8860
S: 0.8660-50 / 0.8632-20 / 0.8580
The 100-week MA Support has result in a bounce, as mentioned in the report earlier in the day. For the day however, the pair has a Resistance at 0.8737-50. A rise beyond might be seen later in the US session today only if the US Housing Starts, scheduled for release later in the day, disappoints the dollar bulls.
For the next session, the pair could see a further rise towards 0.8775, the Max High for the day, and then possibly further higher later in the week. However, a strong Resistance 0.88 is expected to restrict further rise form here on.
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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