FX Thoughts for the Day
USD-CHF @ 1.1065/69... Breakout seen
R: 1.1100 / 1.1150 / 1.1200 / 1.1240
S: 1.1060-40 / 1.1020-00 / 1.0975-50 / 1.0900-880
Finally a break of the Resistance at 1.1035-50 has been seen today. The lower than expected German Ifo has triggered this rise. To see the charts of German Ifo, which measures the Business Sentiment, Business Climate and Business Situations, click on: http://www.kshitij.com/fundamentals/funcharts/gerifo.shtml
The Max High at 1.1060 already breached the pair could head higher later in the day towards 1.11.
We have been calling for a break out for sometime now. The chart still suggests there is possibility of a further rise towards 1.12, if not 1.13-15 seen on the 3-day chart at: http://www.kshitij.com/graphgallery/chfcandle.shtml
GBP-USD @ 1.8352/56... Recession unavoidable.
R: 1.8400 / 1.8460-80 / 1.8520-60
S: 1.8320 / 1.8265-50 / 1.8200
Cable has seen a sharp dip once again as the dollar resumed it's rally against the majors after a small slip seen yesterday.
For the near-term, the pair could target 1.83, however, in the medium term the pair is expected to be bearish and could target lower towards 1.80, even 1.75, if the UK economic health continues to deteriorate. A recession seems unavoidable for now as it has seen two quarters of zero growth already.
AUD-USD @ 0.8515/19... Could bounce back a little
R: 0.8550-40 / 0.8600 / 0.8660-82
S: 0.8510 / 0.8481 / 0.8450
A break of Support at 0.86 has resulted in a dip in the pair towards 0.85 during the day. In the process the Max Low for the day, at 0.8539 has been broken past.
Looking ahead there could be some Support near the 0.85 region and a bounce towards 0.8600 could be seen later in the day.
Keep an eye on the chart pattern at:
http://www.kshitij.com/graphgallery/audcandle.shtml
http://www.kshitij.com/graphgallery/audma.shtml
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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