FX Thoughts for the Day
USD-CHF @ 1.0191/96...May fall towards 1.10
R: 1.0215-34 / 1.0265-68 / 1.0300
S: 1.0132-1.0100 / 1.0008
Dollar-Swiss continued to fall gradually during the day. It is likely to continue to come down in an orderly fashion to pare with the USD. However, there's strong Support near 1.0120-00 which once tested and honoured may see some corrective rise. But that is some time away. For now, a fall towards 1.01 could be in the offing over the next couple of days/sessions.
Holding:
USD 10K Short at 1.0350, TSL 1.0240, TP Open
Cable GBP-USD @ 1.6001/03...8-Week MA Resistance at 1.6159
R: 1.6058-78 / 1.6159
S: 1.5933-10 / 1.5865-55 / 1.5740
Cable has risen and faced Resistance in the region mentioned in the morning at 1.6020-65. Since it continues to test this Resistance and if successful in breaching past, this brief surge may be restricted to 1.6150 before it resumes its downtrend once again.
However, the medium term picture is still bearish. Till the 8-week MA at 1.6159 or even the 38.2% retracement of the fall from the tip of the shoulder at 1.6741 on 7th Sep to yesterday's low of 1.5706 which comes at 1.6102 holds strong, look for a fall towards 1.55 over the next few weeks if not earlier.
Aussie AUD-USD @ 0.9113/19...Holding Long
R: 0.9166 / 0.9230
S: 0.9095 / 0.9042 / 0.8998-74
Aussie has risen towards 0.9157 and has come down a little after testing the Resistance near 0.9150 over the last few hours. A corrective fall towards 0.9070-50 might be snapped up as the pair continues to look bullish.
The overall picture continues to remain bullish and a break above 0.9150 might take it up towards 0.9200-30 in the coming sessions.
Holding:
AUD 10K Long at 0.9110, SL 0.8980, TP Open
Limit Buy Order:
Buy AUD 10K at 0.9070, SL 0.8850, TP Open
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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