FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Jun 03 09 12:11 GMT |

USD-CHF @ 1.0683/86...Ranged during the day R: 1.0700 / 1.0736 / 1.0761-93 S: 1.0643 / 1.0568-66 / 1.0385 Dollar-Swiss has been ranged between 1.06-1.07 during the day. For the US session, the range is likely to be 1.0505-1.0700 as was mentioned in the morning as well. The bearish view on the pair continues till it is not able to rise past 1.08. And the bearishness could take it towards 1.0500 in the near term. To see the chart of Swiss, click on: http://www.kshitij.com/graphgallery/chfma.shtml#ma We have been stopped out of the Short in Swiss entered at 1.0680 recording a 10 pips loss. Cable GBP-USD @ 1.6503/08...Immediate Support at 1.6484 R: 1.6714 / 1.6960 / 1.7149 S: 1.6498-84 / 1.6462 / 1.6382 Cable has fallen sharply after recording a high of 1.6665. Earlier we were stopped out of the Long entered at 1.6643. An immediate Support is available at 1.6484, below which it could dip further towards 1.6382. Below that next Support is available at 1.6187. A break of this is likely to raise questions over the authenticity of rise seen over the last few days amd could be very bearish. To see the chart of Cable, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle Aussie AUD-USD @ 0.8151/53...Support at 0.8100 crucial R: 0.8303 / 0.8400 / 0.8451 S: 0.8155 / 0.8124-03 / 0.7972-54 Aussie, too, has fallen closer to the Projected Max Low for the day at 0.8124. Though there's Support available next at 0.8100, a break below is likely to target 0.7950 over the course of the week. This is likely to provide ample Support going forward. One might want to look at buying opportunities if this level is seen. But unless it breaks past 0.81, we would assume the near term uptrend to continue and which could take the pair towards 0.8400 over the next few days. 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.