FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Mar 02 09 12:08 GMT |

USD-CHF @ 1.1752/55...Moving up slowly within channel R: 1.1789 / 1.1855 / 1.1890 S: 1.1723 / 1.1690 / 1.1665 Dollar-Swiss continues to creep up. It may creep up further towards 1.1850-55 over today-tomorrow, before running into selling near there. Overall, Dollar-Swiss appears to be ranged between 1.1500-1850 for the next few days. The last few days has seen it creep up from a low of 1.1465 on 20-Feb, going up one day, coming down the next and going up again the day after. There is a clear channel visible on the Daily Candles, which has a slight upward slope. The market is likely to stick to this channel for the next several days. Take a look at http://www.kshitij.com/graphgallery/chfcandle.shtml#candle Cable GBP-USD @ 1.4188/93...Might rally within overall downtrend R: 1.4261 / 1.4301 S: 1.4110 / 1.4010 The Pound has dipped a little more today, within its overall downtrend. It is testing the 1.42-41 Support region, which might hold over today-tomorrow. If it does hold, there could be chances of seeing a bounce/ rally towards 1.44, maybe even 1.45-46. In case of a straight break below 1.41, look for a fall towards 1.39-38. The Bank of England is also scheduled for Thursday, where a 50bp cut is expected to take the BOE rate to 0.50%. Take a look at http://www.kshitij.com/fundamentals/funcharts/ukboe.shtml Aussie AUD-USD @ 0.6347/50...Support at 0.6300 R: 0.6390 / 0.6428-44 / 0.6466-85 S: 0.6300 / 0.6246 The Aussie has good Support at 0.6300 on a rising trendline, as can be seen on Daily Candles on the following page: http://www.kshitij.com/graphgallery/audcandle.shtml#candle While this Support holds (as it has done today), there could be chances of an upmove towards 0.6500 over the course of the week. A fall below 0.63 is not anticipated immediately. But, if it happens, a dip towards 0.6245 could be seen. 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.