FX Thoughts for the Day

USD-CHF @ 1.0541/45.. .Cautious: Support near 1.0485-71

USD-CHF @ 1.0583/86...Buy dips
R: 1.0650 / 1.0679-99 / 1.0713-42
S: 1.0561 / 1.0536 / 0500-471

Contrary to our expectations, Swiss has moved up and is trading near 1.0600 levels. We see chances of a rise towards the immediate Resistance at 1.0650, if it holds, it may pull the pair towards 1.0550 in the next few session over today and tomorrow. However a break above the immediate Resistance (at 1.0650) may result in further upmove towards 1.0850 in the days to come.

Overall we expect the pair to be ranged between 1.0650 (on the upside) and 1.0500 (on the downside) for a couple of days, before a rise towards 1.07-08 in the next few days.

Limit Buy Order:

Buy USD 10k @ 1.0530, SL 1.0440, TP Open

Cable GBP-USD @ 1.5291/94...Mixed

R: 1.5300-25 / 1.5360-80 / 1.5435
S: 1.5260 / 1.5202-1.5189 / 1.5164-44

Failure to sustain on the downside after breaking below the Support at 1.5260 and failure to continue with the bounce back seen from the day's low of 1.5239 above 1.53 is keeping the pair mixed with 50-50 chances of moving on either side in the US session today. On the downside a break below 1.5260 might pull it down towards 1.52. On the upside Resistance is seen in 1.5360-80 region which might be tested on a strong break above 1.53.

Aussie AUD-USD @ 0.9224/27...Resistance at 0.9250

R: 0.9239-50 / 0.9274-81 / 0.9294-305
S: 0.9168-65 / 0.9143-27 / 0.9104-086

Aussie may move up to test the Resistance region of 0.9239-50 in the US Session today. We expect the immediate Resistance (0.9239-50) to hold (0.9250 is a trendline Resistance on our 3-day candles), still a break above this may take it towards the next Resistance region of 0.9271-84.

We do not expect much on the downside but some selling pressure on the pair may see it test the Support region of 0.9168-65 in the US Session today. We expect it to be ranged between 0.9165-0.9250 for some time.

In the near future, a surge above 0.9305 may take it towards a channel Resistance at 0.9350, a failure to break above which may again bring it down towards 0.9000.

To see the AUD-USD candles click on the following link:

http://www.kshitij.com/graphgallery/audcandle.shtml#candle

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.