FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Apr 20 09 12:25 GMT |

USD-CHF @ 1.1707/09...Holding Long R: 1.1803-08 / 1.1861 S: 1.1670 / 1.1625 / 1.1570-45 Dollar-Swiss has moved up a bit during the day, consolidating the gains seen on Friday. If and while the market remains above 1.1670 now, there are good chances of the upmove extending further up towards 1.1808 (projected Max High for the Day) or even 1.1850-60 over the course of the week. Holding: USD 10K Long at 1.1711, SL 1.1660, TP 1.1770. Cable GBP-USD @ 1.4560/62...Bearish, sell rally/ retracement R: 1.4593 / 1.4658 / 1.4785-4800 S: 1.4538 / 1.4463 / 1.4413 The Pound has fallen further during the day, breaking below 1.4593 also. Thus there is a very good chance that the uptrend that had started at 1.3655 (11-Mar) has been broken, or is under serious threat at the very least. If the market remains below 1.46 today (it well might), further decline towards 1.4463 might be at hand. Rallies towards 1.46, if seen, are likely to attract selling. Limit Sell Order: Sell GBP 10K at 1.4593, SL 1.4673, TP 1.4485 Aussie AUD-USD @ 0.7051/54...Uptrend broken R: 0.7109 / 0.7140 / 0.7165-85 S: 0.7045 / 0.7000 / 0.6945-25 A sharp fall has taken place in the Aussie today, breaking below the important level of 0.7093 and a fall to almost 0.7045 (our alternative projection in the morning) has taken place. The uptrend since the 04-Mar low of 0.6285 has been violated. As such, if the market remains below 0.7100 today, there are good chances of the falling extending down towards 0.6945, the 38.2% retracement of the rise from 0.6285 to 0.7328. Limit Sell Order: Sell AUD 10K at 0.7092, SL 0.7150, TP 0.6960 OR Stop Loss Sell Order: Sell AUD 10K at 0.7020, SL 0.7150, TP 0.6960 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.