FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Jul 28 08 11:34 GMT |

USD-CHF @ 1.0330/35.... Break below 1.0350 seen R: 1.0350 / 1.0400 / 1.0450 / 1.0500 / 1.0550 S: 1.0300 / 1.0270-250 An important level in the form 1.0350 has been broken in the day. For now, 1.0300 is an important Support that is not expected to break today. If it does 1.0269-80, the Max Low for the day, will come into the picture. To see the chart click on: http://www.kshitij.com/graphgallery/chfcandle.shtml Till 1.0300 holds, a rise towards 1.0400 and beyond could still be possible over the week. GBP-USD @ 1.9877/81.... Support at 1.9850-30 R: 1.9900 / 1.9925-50 / 2.00 S: 1.9850-30 / 1.9780 After finding Support near 1.9830-40 in the day Cable has risen slightly. If the Support continues to hold a further rise in the day towards 1.9900 and beyond could be seen. However, a close above 1.9925 doesnot seem likely and could be bullish for the pair. Overall, the upside remains under serious threat as the UK data continues to disappoint. The Support at 1.9850-30 if broken could lead to a massive slide targeting 1.95-94. AUD-USD @ 0.9579/83... Support held R: 0.9590-0.9610 / 0.9640-50 / 0.9700 S: 0.9550-40 / 0.9500 / 0.9470-60 / 0.9400 A rise in the pair since morning has led to a short rally to 0.9590 in the day so far. As the earlier mentioned trendline at 0.9550 has held a rise from here towards 0.9650 and eventually 0.9700 could be seen over the week. To see the trendline click on: http://www.kshitij.com/graphgallery/audcandle.shtml Over the remainder of the day, there is very little chance that 0.9650 will be seen in the day, as the projected Max High for the day is at 0.9610. A slight dip in the day, close to 30-40 pips is possible from the Max High once Resistance is felt there. 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.