FX Thoughts for the Day
USD-CHF @ 1.0985/89.... Resistance at 1.1006
R: 1.1000-25 / 1.1040-50 / 1.1150-75
S: 1.0950 / 1.0900 / 1.0840-20 / 1.0800
The Max High for the day at 1.1006 might not break and could result in a dip from here towards the Support at 1.0900 in the day ahead. A tight trading range between 1.09-1.0970 was expected earlier today. For now, the range has widened and the pair could continue within it for the week. Before rising beyond it eventually next week.
GBP-USD @ 1.8569/74...Holding Long, Support 1.8510
R: 1.8640 / 1.8680 / 1.8725
S: 1.8539-30 / 1.8512 / 1.8446
The Pound dipped to near 1.8539 during the day today, just above our projected Max Low for the Day which comes in at 1.8530. Please take a look at our At a Glance sheet at http://kshitij.com/fx/aag.shtml
The previous lows of 1.8537 (yesterday) and 1.8512 (Friday) are the Supports to watch now. While these hold, there could be chances of a rise back up towards 1.8640 and higher during the day. But, in case of a break below 1.8510, we could see a further dip/ decline towards 1.8440 designed to hit "early Longs" before a rise begins in earnest.
Holding:
- GBP 10K Long at 1.8560, SL 1.8490, TP 1.8810. As soon as the market trades 1.8620, bring SL up to 1.8500. On a further rise to 1.8640, bring SL up to 1.8510.
AUD-USD @ 0.8694/98... Support at 0.8675
R: 0.8720 / 0.8750 / 0.8790-8806 / 0.8875
S: 0.8675-50 / 0.8615-00
A dip below 0.87 has been seen since the morning on the pair. A dip from here seems more favoured, however, the upside is still not ruled out. A dip towards 0.8650, if seen, is expected to attract buying and lead to a rise towards the weekly target of 0.89.
The huge slip in valuation in the pair in the last month has seen almost a 1000 pips fall. A slight bounce should not surprise. Also keep in mind that the 100-week SMA has been tested last week and resulted in this bounce.
Holding:
- Long AUD 10K at Current Level, SL Open, TP 0.8865. As soon as the market trades 0.8790, put SL at 0.8710.
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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