FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Nov 24 08 12:19 GMT |

USD-CHF @ 1.2141/45...Moving in a channel R: 1.2217-22 / 1.2385-407 / 1.2460 S: 1.2076-49 / 1.2008-1.1999 / 1.1976 The currency has moved little since the last update. It has traded between 1.2161 and 1.2227 during the day. Some bit of consolidation is happening in this region after the surge that the pair has seen over the past few days. It may manage to come out of the channel it has re-entered into on the 4-hourly chart which if held could keep the pair ranged between 1.2050 and 1.2200. The pair has an important Support at 1.2090-43. If this Support breaks, it can once again slip out of the channel, this time, on the downside. But this decline could just be a correction which could turn its tide upwards sometime later. Holding: Long USD @ 1.2269, SL 1.2080, TP 1.2500 Limit Buy Order: Buy USD 10K @ 1.2100, SL 1.2060, TP 1.2500 GBP-USD @ 1.5021/24...Bullish if closes above 1.5108 R: 1.5059 / 1.5100-08 / 1.5272 S: 1.4907-886 / 1.4862 / 1.4501 The pair has risen in the last few hours abruptly and may now test an important Resistance at 1.5108. For the Pound to show some bullishness, it will have to close above the 13-SMA (1.5107) on the daily chart which has not happened in the last 39 days though there have been spikes above this line on a number of occasions. The Support at 1.4862 looks strong enough for the pair but the volatility which has pretty much remained calm over the last few days may show up once again. AUD-USD @ 0.6345/49...Little changed R: 0.6404-08 / 0.6474-0.6500 / 0.6547-49 S: 0.6277 / 0.6236 / 0.5928 Aussie, too, has moved little through the day and has ranged between 0.6255 and 0.6326. May rise towards the higher end of the consolidation range of 0.60 to 0.68 if it is able to trade above 0.6549 for significant time, though this may happen over a longer period of time. For the rest of the day and during the US session, Aussie could range between 0.62 and 0.64 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.