FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Sep 24 08 12:48 GMT |

USD-CHF @ 1.0821/25...Either ranged or bullish R: 1.0898 / 1.0914 / 1.0954 S: 1.0842-26 / 1.0782 / 1.0752 / 1.0726 In the big picture, Dollar-Swiss could be headed up towards 1.13 while it remains above 1.07. In case of a break below 1.07, look for a fall towards 1.04. In the more immediate here and now, the Resistance at 1.09 we had pointed out in the morning has held and the market has come off a bit from there. The market ought to, at worst, be ranged between 1.07-09 over today-tomorrow. If the Support in the 1.0840-0780 region holds, however, we might see a rise towards 1.0954 by tomorrow. Limit Buy Order: Buy USD 10K at 1.0760, SL 1.0670, TP Open GBP-USD @ 1.8570/74...Bullish, watch Support at 1.8470 R: 1.8610 / 1.8643 S: 1.8488-77 / 1.8400 As per the "wedge" patter on the Daily Candles, the GBP-USD can rise towards 1.8750 (and higher) in the coming days. Please take a look at http://www.kshitij.com/graphgallery/gbpcandle.shtml Looking at the MACD, however, it appears that the market had moved up too fast and might need to give back some of it gains before it can gain traction to move further up towards 1.8750. If this be true, then we could see a dip towards 1.84 over the next couple of days. Take a look at the first chart on http://www.kshitij.com/graphgallery/gbposc.shtml On the 4-hour, though, there is an important Support at 1.8488-77. Should that hold through today-tomorrow, the higher levels of 1.8750 might be possible without a prior dip towards 1.8400. AUD-USD @ 0.8408/12...Holding Long R: 0.8405 / 0.8439 / 0.8488-8510 S: 0.8356 / 0.8321 / 0.8289-79 As expected the Aussie has been finding Buyers on dips and now has good Support at 0.8356. While this Support holds, we could look for a rise towards 0.8510 (projected Max High for the Day), if not 0.8594, the projected Max High for the Week. IN CASE of a break below 1.8356, look for a dip towards 0.8280, to be followed by some sideways trading between 0.8280-0.8434. Holding: AUD 10K Long at 0.8360, SL 0.8310, TP Open 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.