FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Oct 14 08 12:11 GMT |

USD-CHF @ 1.1280/84... Could dip in the day

R: 1.1320 / 1.1360 / 1.1390-1400 / 1.1450 / 1500
S: 1.1270-50 / 1.1200 / 1.1150 / 1.1100

The pair continues to trade within the tight trading range of 50-pips. For the day the Support at 1.13 is being tested, and there is a high probability that the pair could slip lower during the day towards 1.1250, and 1.1196, the Max Low for the day.

Overall the pair is ranged between 1.11 and 1.15 and could vacillate between these levels for the week.
GBP-USD @ 1.7621/25... Could rise towards 1.77

R: 1.7650 / 1.7700 / 1.7770 / 1.7835
S: 1.7500 / 1.7400 / 1.7350 / 1.7300

The dip towards 1.74 has seen some buying interest and a subsequent rise in the pair has seen.

The pair conitinues to reamin bullish and could now target 1.77 in the short term and provided the Resistance at 1.77 gives way, then may be towards 1.7850-7900 over the course of the week.

The bailout plan proposed by the UK government has lead to short covering and resulted in some market relief. Cable could continue to surge provided the sentiment is not disturbed once again.

Holding:

Long GBP 10K at 1.7542, SL Open, TP 1.7700 (up from 1.7750)
AUD-USD @ 0.7231/35... Could rise towards 0.7345

R: 0.7235-50 / 0.7270 / 0.7300-15 / 0.7350
S: 0.7060-50 / 0.7000 / 0.6925 / 0.6850 / 0.6800

Our long on Aussie has seen profit during the day as the pair continues to rise. For now the pair could face some minor Resistance near 0.7250.

A dip towards 0.7160-30 could be bought, as the pair is still bullish as long as the Support at 0.71 holds. Overall, the pair could be headed towards 0.74-75 over the course of the week.

Limit Buy Order:

Buy AUD 10K at 0.7158, SL 0.6939, TP 0.7300

Buy AUD 10K at 0.6819, SL 0.6789, TP 0.7009

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.