FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Apr 07 09 14:07 GMT |

USD-CHF @ 1.1457/61...Resistance Area 1.1480-1.1540 R: 1.1480-1.1511 / 1.1541 / 1.1582-97 S: 1.1439 / 1.1363 / 1.1300 Swiss is testing the Resistance area (1.1490-1.1540). Till this Resistance holds, further rise rise could be restricted. We had profited out of the Long at 1.1461 entered at 1.1375 during the day which saw the pair rise from 1.1346-1.1479. We expect it to come down towards 1.14 after facing Resistance from the area mentioned above. Cable GBP-USD @ 1.4643/46...Support region 1.4561-44 R: 1.4767 / 1.4791 / 1.4843 S: 1.4588 / 1.4561-44 / 1.4498 Cable fell further and took Support at the the 100-day MA at 1.4561. A break below may next target 1.43 but this Support at 1.4561-44 likely to be honoured during the US session. As mentioned earlier a dip towards 1.43 would possibly be the trough of the wave which began on 11th March 2009 and of the subwave which began on 30th March 2009. Though the projected Max Low for the day is at 1.4498, this possibly may not be seen today. Aussie AUD-USD @ 0.7080/84...Support at 0.7050 held R: 0.7138 / 0.7203 / 0.7522 S: 0.7024-00 / 0.6950 / 0.6920 Aussie rose towards 0.7170 during the day and has fallen from there and continues within the range of 0.7050-0.7227. The downside is likely to be restricted to the Projected Max Low for the day at 0.7024. A break of this Support is likely to take Support near 0.6950. The trendline Resistance at 0.72 held which has been pushing the pair down. 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.