FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Jun 12 09 12:37 GMT |

USD-CHF @ 1.0798/0801...Holding Long R: 1.0811-19 / 1.0852-68 / 1.0990 S: 1.0766-44 / 1.0700 / 1.0633-26 Dollar-Swiss has risen during the day and next faces Resistance near 1.0811-19. A break of 1.0819 might look to move towards 1.10 and possibly make a double bottom on the daily candle chart. Today's close is going to be very important which could possibly chalk out the path over the next few days. We shall have to see. Our Long at 1.0764 got profited during the day. Limit Buy Order: Buy USD 10K at 1.0735, SL 1.0645, TP 1.0780 Holding: USD 10K Long at 1.0695, SL 1.0730 (up from 1.0715), TP Open Cable GBP-USD @ 1.6374/76...Indecisive at the moment R: 1.6507 / 1.6642-80 / 1.6840 S: 1.6273-53 / 1.6014 Cable has fallen sharply during the day. Today's close might indicate the path that the pair might take over the course of the week. There's Support available at 1.6273-53 on a further fall. Referring to the note in the morning, the simple MACD is looking to come down, bringing the pair along with it. So, one has to be cautious at the moment. On the other hand, a rise past 1.6680 is likely to be very bullish for the pair. Aussie AUD-USD @ 0.8101/03...Holding Long R: 0.8151 / 0.8259-88 / 0.8322 S: 0.8069-56 / 0.8023-07 / 0.7928-04 In Aussie, too, today's close might give some indication of the pair going forward. Here again, there's the danger of double bottom forming on the daily candle chart. But if the Support at 0.7980 holds, the next week might see the pair retracing 0.8250 and even higher. Holding: AUD 10K Long at 0.8090, SL 0.8070 (up from 0.8010), TP 0.8140 (down from 0.8250) 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.