FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Nov 27 08 13:10 GMT |

USD-CHF @ 1.1989/94...Holding Long R: 1.1979-96 / 1.2051-85 / 1.2131 S: 1.1957-55 / 1.1924 / 1.1869-42 Swiss has moved in a very narrow range between 1.1955 and 1.2024 during the day. The pair is making a S-H-S formation on the hourly chart with Support at 1.1955. We are holding Long on the pair. It looks set to move up if the Support at 1.1955 continues to hold during the US session. Holding: Long 10K USD @ 1.1988, SL 1.1940, TP 1.2050 GBP-USD @ 1.5427/31...Support at 1.5380 R: 1.5516 / 1.5757 / 1.5855 S: 1.5380-55 / 1.5344 / 1.5290 / 1.5235 Pound has seen a high of 1.5512 and 1.5312 during the European Session. It has been trading close to the 21-SMA (1.5380) on the daily chart during all this time. It looks bullish till the time it manages to remain above this mark. However, if it does not, it could possibly slip towards 1.5235 during the US session. AUD-USD @ 0.6561/64...Thin range trading R: 0.6617 / 0.6680 / 0.6859 S: 0.6533-10 / 0.6493 / 0.6463-60 Aussie has remained within a very thin range between 0.6492 and 0.6581. The pair could face some Resistance at 0.66. It had throughout the day taken Support at the 13-SMA (0.6466) and faced Resistance at the 21-SMA (0.6582) on the daily chart. A break past any of these could probably decide the direction which the pair could take going forward. It has been seeing some bullishness since the last few days and if the same continues, we could see an upmove with Resistance at 0.6680. We have an upward bias for the pair. Let's wait and watch if that holds. However, in the bigger picture, the pair is consolidating between a 0.60 and 0.68 and it may osciallate between this range going forward over the next few days. 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.