FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Mar 27 09 11:59 GMT |

USD-CHF @ 1.1404/08...Surges R: 1.1445 / 1.1479 S: 1.1273-68 / 1.1246 / 1.1067 Dollar-Swiss has surged during the day today and is likely to move up towards 1.1550-90 being the 61.8% retracement region of the fall from 1.2300 (11/21/08) to 1.0371 (12/29/08). The surge has taken us by surprise as Dollar strengthened across all the majors. A fallback could now be limited to 1.1268 for the US session. 1.1165 has now become an important possibly Long Term Support for the pair. The region below 1.1590 might see some good consolidation either today during the US session or possibly Monday as Swiss reversed its course. To see the chart which has defied the flag that we were looking at, click on: http://www.kshitij.com/graphgallery/chfcandle.shtml#candle Cable GBP-USD @ 1.4326/30...Bearish view holds R: 1.4338 / 1.4420 / 1.4476 S: 1.4272 / 1.4229-18 / 1.4191 Cable has fallen further towards 1.4268 and is likely to dip towards 1.4150 over the next couple of sessions after UK's 4Q Q-o-Q GDP contracted -1.6% as against an expectation of -1.5%. As mentioned earlier as well, a dip below 1.4218-1.4150 would require fresh look. To see the chart of Cable, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle The upside continues to be capped at 1.4600 which is likely to hold over several weeks now. Aussie AUD-USD @ 0.6933/37...0.6881 is crucial R: 0.7004 / 0.7080-87 / 0.7200 S: 0.6881-74 / 0.6792 / 0.6668 Aussie has broken out of the narrow range of 0.6970-0.7080 mentioned in the morning and is now likely to dip towards 0.6881 as the broader range of 0.6881-0.7080 now has come into focus. The level of 0.6881 we have been mentioning as the Support is a crucial level which is likely to hold on. Till 0.6881 holds, 0.7500 could also be seen over the next few days/ weeks. 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.