FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Sep 19 08 12:53 GMT |

USD-CHF @ 1.1241/45... Could remain calm R: 1.1235 / 1.1260 / 1.1290 / 1.1330 S: 1.1150 / 1.1100 / 1.1045 / 1.1000 The pair has seen a sharp rise towards 1.1280 during the day. However, facing Resistance there the pair has slipped towards 1.12 since then. The day ahead might see calm trading between 1.1180 and 1.1280 as its a Friday with no economic data scheduled for release. Early next week the pair could see some volatility that could lead to a rise towards 1.1430. However, a break of Support at 1.1100 instead would mean that the pair could slip towards 1.09 once again. A test of Support at 1.09 might not hold this time round. To see the chart click on: http://www.kshitij.com/graphgallery/chfcandle.shtml GBP-USD @ 1.8024/28.... Potential to rise R: 1.8050 / 1.8095 / 1.8135 / 1.8160 S: 1.8000 / 1.7950-40 / 1.7920 / 1.7880 Cable has broken below the Support at 1.80, only to find Support on a dip to 1.79. Since then a rise towards 1.8040 has been seen. The day ahead could see a rise towards 1.81, if the Resistance at 1.8050 gives way. If however, 1.8050 holds and a dip is seen instead, the pair could slide towards 1.79, possibly even to 1.7850. To see the chart of the pair click on: http://www.kshitij.com/graphgallery/gbpma.shtml Overall the pair is bullish above 1.78 and could rise towards 1.83-84 over the next week if a close above 1.8050 is seen today. AUD-USD @ 0.8103/07... Immediate Resistance at 0.81 R: 0.8100 / 0.8165 / 0.8184-8200 / 0.8235 S: 0.8080 / 0.8050-30 / 0.8000 / 0.7965 The pair is unable to rise beyond 0.8140 after testing it a couple of times over. In the day ahead, if the Resistance is broken past, look for a sharp rise towards 0.82. A breakout above 0.8140 remains preferred during the day as long as the Support at 0.8060 holds. A break of Support at 0.8060 would be bearish for the pair in the near term and could lead to further decline towards 0.80. The US session could remain quite unless the credit crisis throws a fresh surprise in the face of the market. Happy Trading! 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.