FX Thoughts for the Day
USD-CHF @ 1.0874/77...Ranged
R: 1.0900 / 1.0988 / 1.1025
S: 1.0848 / 1.0817-0800 / 1.0749
Dollar-Swiss has once again risen towards 1.09 during the day and has come off a little since then. It is likely to continue trading in a range as during the US session, trading is likely to be muted as the US holidays. The range that we can look forward to is 1.0800-1.1025. However a break past the Support region of 1.0850-0810 is likely to take take the pair further towards the Projected Max Low for the day at 1.0749. We shall have to see whether the week ends with a quiet day today or lower volumes brings in volatility with them. Overall the range of 1.0650-1.1025 would hold going forward.
Cable GBP-USD @ 1.6346/49...Support at 1.6278
R:1.6374/1.6424/1.6550
S:1.6324/1.6278/1.6179
Cable has fallen after testing the 100-MA Resistance level on 4 hour chart and is moving towards 200-MA Support on the 4-hr chart at 1.6278. This Support is likely to hold for today and thence, the pair is likely to bounce towards 1.6424. If Resistance at 100-DMA breaks,we may see further rise towards 1.6550.
But as of now it seems that, this pair may not break these Supports and Resistances today.
Holding:
GBP 10K Long at 1.6340, SL 1.6260, TP 1.6420
Aussie AUD-USD @ 0.7978/83... Range Trading
R: 0.8012/0.8037/0.8068
S: 0.7972/0.7902/0.7846
Aussie has traded in a narrow range of (0.7949-0.7999) and is currently testing 200-MA Resistance level on 4 hour chart. If this Resistance holds, it may be pressured down towards 0.7902 where a trendline Support exists on the daily chart (joining lows at 0.6307 on 10/03/2009 and 0.6989 on 28/04/2009). Else, it may rise towards the 100-MA Resistance level on 4 hour chart and a further rise may lead this pair to 0.8068 (Max Projected high for the day).
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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