FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Dec 09 08 12:07 GMT |

USD-CHF @ 1.2142/46...Range of 1.1980-1.2325 R: 1.2233 / 1.2286 S: 1.2091-77 / 1.2049-28 / 1.1953-38 Swiss hasn't changed much since the morning report was written. It has traded in a thin range of 1.2088-1.2147 continuing to honour the Support at 21-day MA. However, in the last hour, it shot up to 1.2178 as we profited out at 1.2170 On the daily candles, the pair could possibly be ranged between 1.1980-1.2325. It has slipped into the narrower channel which it was trading in prior to the outbreak on 19th Nov. If it breaks this channel once again, the next band could be 1.1750-1.2550. To see the chart of Swiss, click on: http://www.kshitij.com/graphgallery/chfcandle.shtml#candle GBP-USD @ 1.4753/57...Trades lower R: 1.4808 / 1.4860-77 / 1.4992-99 S: 1.4757-52 / 1.4435 / 1.4351 Cable has been trading lower taking pressure from the 21-day MA. Having fallen from 1.5050 over the last few hours, it could possibly take a breather and rise up towards 1.4850. However, if it continues to dip, and fails to honour any Supports in between, we could see a fall towards 1.45 over the US session. In the broader picture, the range of 1.4487-1.5544 looks likely to be held going forward as it seems to be consolidating within this band over the past few weeks. AUD-USD @ 0.6542/47...Support in the region 0.6477-0.6501 R: 0.6562 / 0.6611 / 0.6855 S: 0.6513-492 / 0.6475-65 / 0.6291 Aussie is trading bound by the 13-SMA and 21-SMA on the 4-hourly chart and also taking Support from the braids of 8-, 13- and 21-day MA. Till it manages to stay above this Support range of 0.6477-501, the continuation of uptrend on the nearer term charts cannot be ruled out where it could possibly move up towards 0.67. However, if it does trade below this Support range, we could potentially see some bearish attitude being built up going forward. 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.