FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Sep 23 08 12:35 GMT |

USD-CHF @ 1.0784/89... Support at 1.09 broken R: 1.0800 / 1.0850-65 / 1.0900 / 1.0945 S: 1.0750 / 1.0700 / 1.0640 / 1.0600 The pair did see a rise during the day as suggested in our reports earlier in the day. 1.0856, was tested on the upside and facing Resistance there the pair has slipped once again. The day ahead could see the pair slipping to test the Support at 1.07 and if the Support at 1.07 gives way, a dip towards 1.0600-585 could be seen as well. However, owing to the fact that 1.0713 is the Max Low for the day, the Support is expected to hold for the day atleast. Overall the pair could be pressured below 1.07 and target 1.0500 for now. GBP-USD @ 1.8577/81... Could target 1.8750 R: 1.8600 / 1.8650 / 1.8675 / 1.8725-50 S: 1.8520-00 / 1.8450-33 / 1.8400 / 1.8375 Finding Support at 1.85 the Cable has manages to trade higher today and could now challenge the Max High for the day at 1.8738 during the US session later in the day. The pair has broken above the important Resistance at 1.8490-8500 and could now target the 50% retracement of the fall from 2.0150 to 1.7445 at 1.8811. However, there is also another important Resistance at 1.8750 that might not be broken with ease. To see the charts click on: http://www.kshitij.com/graphgallery/gbpma.shtml http://www.kshitij.com/graphgallery/gbpcandle.shtml The week ahead does not see any major economic data from UK and this could work in favour of Cable. Limit Buy Order: Buy GBP 10K at 1.8480, SL 1.8430, TP 1.8710 AUD-USD @ 0.8436/39.... Bullishness intact R: 0.8450-70 / 0.8494-516 / 0.8549 / 0.8589-98 S: 0.8413 / 0.8385 / 0.8349 The support at 0.8380 levels has been tested but could not be breached during the day. This could see the pair consolidate between 0.8380-0.8520 during the US session. On the weekly chart, the pair is trading below an important Resistance at 0.8495. Once this is broken past, it looks headed to acheive the 38.2% retracement of the fall from 0.9851 to 0.7801 at 0.8589. Overall, the sentiment last week seems to have turned bullish and is expected to continue for the next couple of weeks with resistance at 0.8589. The daily chart is also indicating strong bullish bias. To see the chart of Aussie click on: http://www.kshitij.com/graphgallery/audcandle.shtml Holding: Long AUD 10K at 0.8419, SL 0.8350, TP 0.8520 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.