FX Thoughts for the Day
USD-CHF @ 1.0927/31... Could slip towards the Max Low
R: 1.0990/ 1.1000 / 1.1050-60 / 1.1100
S: 1.0902-880 / 1.0850
The pair has an important Support in the region of 1.0960-1.0940. However, the day ahead could see some selling pressure building up and result in a further slip towards 1.0902, the Max Low for the day. The focus is now on the US Durable Goods that is expected to release in the US session later today. To follow the data click on: http://www.kshitij.com/fundamentals/funcharts/usdur.shtml
A rise from here, if seen, is expected to face some Resistance at 1.0970 and at 1.10 from here.
GBP-USD @ 1.8457/61.... Resistance at 1.85, Support at 1.84
R: 1.8450-75 / 1.8520-60
S: 1.8400 / 1.8360 / 1.8310-8290 / 1.8265
The pair Found Support at 1.84, the Support that we had mentioned in our report earlier in the day, and since then a rise towards 1.8491 was seen.
However, the pair faces a Resistance from here in the region of 1.8475-95. With some focus on the the US Durable Goods later in the day, the day could get more volatile with the Crude Oil inventories scheduled for later in the day. Overall the market could target lower in the medium term with the UK economy facing problems trying to recover from stagflation.
To see the chart click on:
http://www.kshitij.com/fundamentals/funcharts/usdur.shtml
AUD-USD @ 0.8611/15.... At Max High
R: 0.8635 / 0.8665 / 0.8720
S: 0.8570 / 0.8535-10 / 0.8481 / 0.8450
The rise in Aussie has brought the pair to the projected Max High for the day, and a further rise might not be possible in the day.
A dip below the 100-week MA has been seen last week and it is to be seen if the pair can rise above it once again. A weekly close above it would turn the bias from bearish to neutral. In the near term a rise towards 0.88 cannot be ruled out completely.
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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