FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Nov 28 08 12:40 GMT |

USD-CHF @ 1.2093/97...S-H-S nearing confirmation R: 1.2131 / 1.2189 / 1.2300 S: 1.2010-1.1978 / 1.1924-1.1899 / 1.1849 Swiss has shot up significantly over the last couple of hours and is trading stronger attempting to break past the 8-SMA on the daily. If it manages to break past this level, we could see it rising further towards 1.22 or even 1.23 over the next few sessions. The S-H-S formation could be confirmed if the pair is able to break past 1.2120. We had profited out from the Long when the pair touched 1.2050 Inability to form the S-H-S could result in the pair falling towards 1.1960 GBP-USD @ 1.5338/41...Trading lower R: 1.5402 / 1.5436 / 1.5516 S: 1.5170 / 1.5105 Cable has started showing weakness having broken the Support at 1.5366 and is now testing the 21-day MA. A break below, the pair could slip towards 1.5170 during the US session or a rise could find Resistance at 1.55 Close above 1.5150 during the US session could be a good indicator for the pair as the Long Term Support may hold. AUD-USD @ 0.6540/43...Resistance at 0.66 held R: 0.6617 / 0.6680 / 0.6859 S: 0.6543-34 / 0.6509 / 0.6463-35 Aussie continues to trade in a very thin range between 0.6546 and 0.6600 during the early European session today. It is currently testing the Support at 13-SMA on the 4-hourly at 0.6542. As mentioned in the morning, the Resistance at 0.66 held and the pair dipped from there. If the same continues even during the US session, the pair could be pressured further down towards 0.6435 or if it is able to break the Resistance at 0.66, we could see the pair move up towards 0.68 over the next few trading sessions. 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.