FX Thoughts for the Day
USD-CHF @ 1.2180/82 ...Looks bullish if trades above 1.2150
R: 1.2186-90 / 1.2329
S: 1.2106 / 1.2034-69 / 1.1979 / 1.1944
After all the volatility (post-wedge resolution) yesterday, Swiss traded in a very narrow range between 1.2087 and 1.2148 through the day. It has now shot up towards 1.2180 as we write the report.
Support near 1.21 is acting as an important one for the pair and below that at 1.1944 and Resistance at 1.2148 has held through the major part of the Asian and European session. It is very important for the pair to break past 1.2190 to continue with the bullishness. Looks like it is being cautious in traversing the territory not charted since September of last year! If it breaks the Resistance at 1.2150, it could then rush upto 1.24 and then consolidate between 1.21 and 1.24. Though this may take some time, probably a few weeks, but given the amount of volatility, one may imagine that it could be traced sooner. To see the chart of Dollar-Swiss, click on:
http://www.kshitij.com/graphgallery/chfma.shtml
GBP-USD @ 1.4863/66...Traded Bearish
R: 1.4956-72 / 1.5120 / 1.5259-79 / 1.5321
S: 1.4699 / 1.4576 / 1.4441
Pound has traded between 1.4811 and 1.4996 during the Asian and European session. Looks bearish for the rest of the day with potential to go down towards 1.4645 and then bounce back towards 1.4800. A sharp upmove can be limited to 1.5120. Let's see if the Pound continues to be as volatile as it has been over the last few days. If it does, potentially even 1.45 does not look far-off.
AUD-USD @ 0.6300/03...Traded Bearish
R: 0.6387 / 0.6426 / 0.6450-71
S: 0.6193 / 0.6155 / 0.5962
The pair has traded on a very bearish mode through the day today. Having dipped towards 0.6247, a further dip from here could make the pair bearish till it finds Support at 0.6000-0.5962
It looks set to trace 0.62 where a Support is available for the pair which may hold for the day. For the next few days, it may continue to look bearish if the Support at 0.6200-0.6193 is broken. On the upside, it could now face Resistance at 0.6387-0.6400. To see the chart of Aussie, click on: http://www.kshitij.com/graphgallery/audcandle.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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