FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Dec 10 08 13:26 GMT |

USD-CHF @ 1.2060/65...Supported at 1.20 R: 1.2115 / 1.2204 / 1.2257 S: 1.2034-28 / 1.1947-20 / 1.1894-68 Though Swiss dipped towards 1.1997 during the day today, it had then moved up a little. It took Support of the lower end of the channel and has managed to stay in the narrower channel. Till it manages to stay above this Support, it could potentially move up towards 1.2350. However, if it dips below this, it could then enter the broader channel that we have been mentioning for some time now. To see the chart of Swiss, click on: http://www.kshitij.com/graphgallery/chfcandle.shtml GBP-USD @ 1.4815/18...Resistance at 1.49 R: 1.4961 / 1.4997-5016 S: 1.4386 / 1.4351 / 1.4311 Though the pair did go up towards 1.4866, during the day, the overall bearish outlook remains. It continues to be pressured down as can be seen from the candle charts. To see the chart of Cable, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml AUD-USD @ 0.6580/84...Resistance at 0.6650 R: 0.6597 / 0.6898-915 / 0.6931 S: 0.6551-35 / 0.6515-499 / 0.6477-69 The pair manages to continuously stay above the 21-day MA but a further push up is being curbed by the Resistance at 0.6650. To see the graph of Aussie click on: http://www.kshitij.com/graphgallery/audcandle.shtml#candle If both of these hindrances continue curbing the mobility of the pair, we could see it intending to break free once again and choose its direction. A slip downwards could be restricted to 0.62 over the next few days or a rise could take it towards 0.68 over the next few days. To see the graph of Aussie click on: http://www.kshitij.com/graphgallery/audcandle.shtml 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.