FX Thoughts for the Day
USD-CHF @ 1.2232/36...Bullish. Support at 1.2189 tested
R: 1.2217 / 1.2431-51
S: 1.2166-86 / 1.2112 / 1.2069-49
Swiss saw a sudden dip towards 1.2189 in the last couple of hours spiking below the 8-SMA Support on the 4-hourly at 1.2200 and is continuously being tested. If the Support at 1.2186 holds, the pair has good chances of reaching 1.24 and a rally thereon may take it to towards 1.25 by early next week. However a dip from there could see it move towards 1.2050
Overall the Swiss is bullish, and one should buy on rallies.
GBP-USD @ 1.4979/83..Testing Support at 200-SMA on the hourly
R: 1.5058 / 1.5174-79 / 1.5258-72
S: 1.4935 / 1.4903-889 / 1.4836
The Pound is trading above 200-SMA on the hourly chart which could probably be a good Support which could be the launchpad for the pair to move up towards 1.5179 or a sharp rise may take it towards 1.55. On the 4-hourly chart it is presently taking Support of the 8-SMA. However, if it is not able to sustain the upmove, a dip towards 1.4709 cannot be ruled out.
AUD-USD @ 0.6217/19...Long term range of 0.60-0.70
R: 0.6289 / 0.6358 / 0.6400-10
S: 0.6155 / 0.5854
Aussie has risen sharply taking Support of the 8-SMA on the hourly chart during the Asian and European session and now has started to come off the highs of the day.
Overall Aussie would consolidate between 0.60 to 0.70 in the longer term. Currently trading in the lower side of this range, it can potentially bounce back from here towards the upper end in a few days. There's also a strong likelihood of it being ranged between 0.60 and 0.66 for the next few days.
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.
|
