FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Mar 16 09 12:37 GMT |

USD-CHF @ 1.1811/14...May dip towards 1.1763 R: 1.1870-75 / 1.1935 / 1.2005 S: 1.1771-63 / 1.1728 / 1.1687 Dollar-Swiss slipped during the day as Dollar lost strength across the majors. The Resistance of 200-day MA at 1.1935 continued to hold and it could now be expected to slide towards 1.1763 and rest Support there before it bounces back. A rise past 1.1935 would be very crucial beyond which the the pair might make some sizeable gains of 400 to 500 pips. With SNB's announcement to intervene in FX Market, we might see the Dollar rising further against Swiss Franc. To see the chart of Swiss, click on: http://www.kshitij.com/graphgallery/chfcandle.shtml#candle Cable GBP-USD @ 1.4208/12...Sell on rise R: 1.4250-72 / 1.4334-68 / 1.4421 S: 1.4154 / 1.4120 / 1.4020 Cable is facing Resistance from the trendline on the daily candle charts. Traders would be eyeing the Industrial Production numbers from the US. A break past this Resistance which though presently looks unlikely could next find Resistance near 1.4368 whereas the Support at 1.35 on the downside looks strong enough. Sell on rallies for Cable should be the mantra given the bleak outlook following the sharp dip in Cable over the last few days. Over the longer term, the bearishness is likely to continue and the Support at 1.37 and next at 1.35 would be crucial ones for the pair. Aussie AUD-USD @ 0.6629/32...Facing Resistance at 0.6600-40 R: 0.6641 / 0.6690 / 0.7005 S: 0.6569 / 0.6513 / 0.6475 Aussie has strengthened and is facing Resistance in the 0.6600-40 region as mentioned in the morning. We believe that this Resistance might hold. But if it were to break, as mentioned earlier in the morning that there are good chances of a rise towards 0.70 in the longer term over the next several days. On the 4-hour chart, the pair is on an uptrend and is likely to face some Resistance near 0.6660-90 which might give a good opportunity to go Short with intentions of squaring off at 0.6550 during the US session today. It is currently facing Resistance from the 55-day and 100-day MAs. To see the chart of Aussie, click on: http://www.kshitij.com/graphgallery/audcandle.shtml#candle 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.