FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Jan 09 09 12:29 GMT |

USD-CHF @ 1.0913/15...Support at 1.09 R: 1.0932-58 / 1.0980-1018 / 1.1034-50 S: 1.0814-06 / 1.0732 Swiss traded lower during the day pressured by the 8-SMA on the 4-hourly and it also spiked below the 8-day MA (1.0900) Support mentioned earlier to find SUpport at 200-day MA as it touched a low of 1.0885. However, it has been trading in a thin range over most part of the day between 1.0885-1.0950. If the Support region of 1.0885-1.0905 breaks, it could potentially slip towards 1.07 over the next few days; or if it rides on the Support of the 8-day MA, we could see it move towards 1.11 or even 1.12. To see the chart of Swiss, click on: http://www.kshitij.com/graphgallery/chfcandle.shtml#candle Cable GBP-USD @ 1.5291/94...Support at 55-day MA R: 1.5280-315 / 1.5473 / 1.5517 S: 1.5192 / 1.5160-34 / 1.5016 Cable has managed to honour the trendline Resistance when it rose towards 1.5280. The pair has Resistance in the region of 1.5280-1.5315 which contains the trendline Resistance as can be seen from the daily candle chart and the 21-MA Resistance on the 3-day candle chart. To see the candle chart and the Moving Average charts click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle http://www.kshitij.com/graphgallery/gbpma.shtml#ma respectively. On the downside, it has taken Support of the 55-day MA through the day and is likely to hold on to it as it continues to ride higher as seen from the longer term charts (weekly). Aussie AUD-USD @ 0.7089/92...Support at 0.70 held R: 0.7121 / 0.7205 S: 0.7003-6989 / 0.6935-24 / 0.6884 Aussie has honoured the trendline Support mentioned in the morning as it dipped to 0.7011 and has risen from there. It could potentially now move up towards the 100-day MA at 0.7170 during the US session, if it continues to honour the Support mentioned above. To see the chart of Aussie, click on: http://www.kshitij.com/graphgallery/audcandle.shtml#candle A dip from the abovementioned Support can be next Supported near 0.6944 (21-day MA). 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.