FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Apr 28 09 12:05 GMT |

USD-CHF @ 1.1576/80...Bullish range break eyed R: 1.1583 / 1.1701-12 / 1.1811 S: 1.1548-25 / 1.1482 / 1.1429 Dollar-Swiss has been extremely ranged during the day after the sharp rise seen yesterday which took the pair towards 1.1600. It is trading bound by the 55-DMA (1.1548) at the bottom and 8-DMA (1.1583) at the top. Once it is able to break past the range, we might see it move towards 1.1700 over today/ tomorrow. Cable GBP-USD @ 1.4603/07...Mixed R: 1.4629 / 1.4692 / 1.4720 S: 1.4538 / 1.4481 / 1.4438 Cable dipped below the 1.4550 Support and has bounced from there. There might be a possible rush towards 1.48 over the next few sessions, but a break below 1.4500 is likely to take it further towards 1.4365 which is the 50% retracement of the rise from 1.3655 (11-Mar) to 1.5070 (16-Apr). Which way does it move is to be seen. It presently trades very near to middle of the expected upside and downside levels; besides the trend, too, is ranged. So the view is mixed. Though, the MACD indicator suggests that there might be some more room for a downside. To see the chart, click on: http://www.kshitij.com/graphgallery/gbposc.shtml#osc Aussie AUD-USD @ 0.7021/26...Support at current levels R: 0.7104 / 0.7116 / 0.7156 S: 0.6992 / 0.6968 / 0.6824 Aussie has changed little during the day. Dip during the day was Supported at 0.6992. Having broken the 200-MA on the 4-hourly, it is struggling to rise above this trendline. 200-DMA might prove to be a strong Resistance which could force the pair down initially towards 0.6780 over the next few days. It also has an immediate Support of the 13-MA on the 3-day candle charts. To see the chart, click on: http://www.kshitij.com/graphgallery/audma.shtml#ma 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.