FX Thoughts for the Day
USD-CHF @ 1.0958/62.... Could remain ranged
R: 1.0975 / 1.1000-25 / 1.1040-50
S: 1.0900-880 / 1.0850 / 1.0800 / 1.0740-20 / 1.0700
The Support at 1.0850, the 13-day SMA has held and resulted in a bounce back in the pair. The rise in the pair seen today has brought the pair close to a minor Resistance at 1.0926. A further rise is not highly favoured, however, if seen, it is expected to be restricted to 1.0972, Max High for the day.
A dip again could find Support at 1.0900-880. The pair overall is expected to remain within the boundaries of 1.0880-1.0970.
GBP-USD @ 1.8560/64... No Growth = 300 pip Crash!
R: 1.8800-15 / 1.8860-80 / 1.8900-20
S: 1.8720 / 1.8660-50 / 1.8600
The GDP release disappointed in a major way once released earlier this afternoon. This slide in the figure has now resulted in “No growth” in the UK economy over the last quarter. The worsening economic releases are now indicating that a recession could be closer than earlier anticipated.
For now, the rise seen yesterday has been washed away by the slide seen today. Supports are now seen at 1.85, and 1.84 over the next week. A rise from here does not seem highly favoured.
AUD-USD @ 0.8702/06... Could remain calm today.
R: 0.8800 / 0.8850-65 / 0.8890-8900
S: 0.8775-50 / 0.8720-00 / 0.8660
Aussie faced a strong Resistance at 0.88 and dipped after it was unable to rise from there. For the day from here a huge move is not immediately expected as the day could end on a calm note with no major economic release scheduled for the day. However, all eyes will be on the Fed Chairman, Ben Bernanke when he takes stage later in the US session.
Aussie has some Support in the 0.8725-00, which also happens to be the Max Low for the day. A break below might not be seen in the day today.
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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