FX Thoughts for the Day
USD-CHF @ 1.1125/29.... Range could develop
R: 1.1135 / 1.1175 / 1.1200 / 1.1250
S: 1.1085 / 1.1065-50 / 1.1015-00 / 1.0975
The pair is in an uptrend and could head higher later in the month, however, for now it faces Resistance at 1.1137-50 region, which could hold it back for sometime. A dip towards 1.1050 could be bought as the eventual target seems to be 1.12-1250 for the pair.
It could see some tight consolidation within a 100-150-pip range, like seen before on a couple of occasions. Look to enter long only on dips. However, it could take at least a fortnight before the eventual target is met.
To see the charts on the pair click on:
http://www.kshitij.com/graphgallery/chfma.shtml
http://www.kshitij.com/graphgallery/chfcandle.shtml
GBP-USD @ 1.7731/35... Could dip towards 1.75, Eye on BOE
R: 1.7775-7800 / 1.7860 / 1.7900 / 1.7990
S: 1.7700 / 1.7660 / 1.7600 / 1.7500
The pair is trading steady near the 1.7750-00 region and could consolidate in the region for some more time. However, expect a dip towards 1.7650-80 during the US session today.
The BOE board is expected to leave the interest rates unchanged tomorrow despite a no growth in the previous quarter and a serious inflation in UK. To see the chart of UK Interest Rates clcik on:
http://www.kshitij.com/fundamentals/funcharts/ukboe.shtml
For now, Support is seen at 1.7680, 1.7650, 1.7600. This said, the pair is expected to face Resistance on a rise to 1.7780-7800. Overall the pair sems to target 1.75, possibly even 1.70 later this week.
AUD-USD @ 0.8292/96... Could rise towards 0.8500 in the long term
R: 0.8300 / 0.8350 / 0.8425 / 0.8475
S: 0.8250 / 0.8150 / 0.8100
The pair seems to have made a turn around during the day, before hitting our order to Buy. The Support in the region of 0.8250-0.8150 is very strong and it could result in a bounce towards 0.85 in a couple of months.
Keeping the wider picture in mind, for the day, a dip could be seen later in the day provided the pair faces Resistance on a rise towards 0.8330. The Australian GDP released earlier in the day was also disappointing however, the market has recovered since then to rise steadily.
To see the charts on AUD-USD click on:
http://www.kshitij.com/graphgallery/audcandle.shtml
http://www.kshitij.com/graphgallery/audma.shtml
Limit Buy Order:
Buy AUD 10K 0.8265, SL Open, TP 0.85
Buy AUD 10K 0.8200, SL Open, TP 0.85
The above mentioned trade is a longer-term trade and could extend to about 2-months if not longer.
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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