FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Jul 22 08 12:21 GMT |

USD-CHF @ 1.0148/53.... Thin volatility. R: 1.0200 / 1.0235-50 / 1.0270-80 S: 1.0170 / 1.0150 / 1.0110 / 1.0060 In a day that did not have much volatility, the pair has seen a high-low range of only 35 pips. The day ahead is also not expected to be any different with no US data releases. This calm trading in the market, needless to say, is not only unfavorable for the intra-day traders like us but is also very unlike the market we are so used to. Support is expected at 1.0150-30 and 1.0100. Resistance will be faced if an attempt to surpass 1.0200 is made. Beyond 1.0200, 1.0250 will come into the picture. The range looks pretty good now, and the market is expected to head towards the bigger Support region at 1.0100-0060, which seems to be a good level to enter long. Limit Buy Order: Buy 10K USD at 1.0050, SL 0.9975, TP 1.0150 GBP-USD @ 2.0062/67... Bullishness regained R: 2.0080 / 2.0138-150 / 2.0200 S: 2.0050-30 / 2.00 /1.9970-50 A rally to beyond 2.0050 has materialized in the day today. In the day today a close above 2.0050-2.00 is of high importance for the bullishness to continue. Continuing to trade above 2.0050 in the US session will raise the chances of a further rally towards 2.0200 in the later half of the week. For now, Support is expected near 2.0050-30 and below that 2.0000. Resistance is expected at 2.0130-40. AUD-USD @ 0.9776/80... Targetting 0.9900 R: 0.9800 / 0.9835 / 0.9850-67 S: 0.9740-30 / 0.9700 / 0.9660 / 0.9600 Aussie has remained within a tight range of 40 pips in the day. For the US session ahead, if the steady rise continues, expect a test of 0.9825-35. However, this would be seen only if the minor Resistance at 0.9800 gives way. A dip, if seen, is not expected to see levels below 0.9750. Holding: Long 10K AUD at 0.9782, SL 0.9670, TP 0.9820 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.