FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Nov 18 08 12:46 GMT |

USD-CHF @ 1.1983/86...Resistance at 1.2045-95 R: 1.2045 / 1.2078-95 / 1.2186-98 / 1.2215-50 S: 1.1950-32 / 1.1891-89 / 1.1804 / 1.1699 As expected, Swiss traded between 1.1970 and 1.2028 during the day. The pair has Resistance at 1.2045 and next at 1.2095. Every time the pair trades above 1.20, it is being pressured to stay within the range. It may continue to trade within a thin range of 1.1930 and 1.2095 even during the US session, however, if this range is broken, sharp moves on either side cannot be ruled out. On the upside 1.2250 may be possible or on the downside we could see it dip towards 1.1804. Let's wait for the resolution of the rising wedge as can be seen from the link to the chart below: http://www.kshitij.com/graphgallery/chfcandle.shtml GBP-USD @ 1.5033/37...Wide downward sloping channel R: 1.5146 / 1.5308-21 / 1.5423 S: 1.4978 / 1.4881-62 / 1.4541-33 Pound has traded between 1.4955 and 1.5094 during the Asian and European session today. It is moving at the upper part of the downward sloping channel on the 4-hourly candle chart. The broad range for the day per the channel could be between 1.4400 and 1.5190. Since it is trading near the upper end of the channel, a dip towards the lower end at the moment looks unlikely. However given the volatility being seen in Cable over the past few days, no dip can be ruled out. At the moment, Support is available at around 1.4980 and Resistance at 1.5186. Let's see if it will be able to break the channel on the upside or would falter from the peak. Holding: GBP 10K Long at 1.4985, SL 1.4920 (up from 1.4840), TP 1.5300. AUD-USD @ 0.6463/68...Trades between very thin range R: 0.6482-510 / 0.6561-69 / 0.6607-15 S: 0.6155 / 0.6094 / 0.6033 Aussie has moved in a very narrow range during the day between 0.6411 and 0.6491. It may continue some consolidation between 0.6350 and 0.6647 for the rest of the week unless some unexpected news plays on the pair. Since it has not traded above 0.66 since the end of last week, the upside from here may not be warranted. We have been maintaining that the pair could turn bullish if it trades above 0.66 over a considerable time. It is quite possible that the pair trades within a very thin range during the US session as well unless the US PPI and US Tics data which would come in today throws up a surprise. 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.