| Daily Forex Technicals | Written by Kshitij Consultancy Services | Jul 16 09 12:18 GMT | | |
USD-CHF @ 1.0721/25...Range Support at 1.0670R: 1.0793 / 1.0850 Overall, Dollar-Swiss remains ranged between 1.0670 on the downside and 1.0925 on the upside. Just below 1.0670, there is a Support at 1.0654, being the projected Max Low for the Day. If and while these Supports hold, we may hope to see a fresh rally back up towards the upper end of the range. In case of a break below 1.0650, however, we may look for a test of the 1.0590 low seen on 02-June. Another Support is available at 1.0632 before that, though. Limit Buy Order:
Cable GBP-USD @ 1.6420/24...Buy someR: 1.6564 / 1.6604 / 1.6746 The Pound has risen well this week, after having seen a low near 1.5984 last week. The Support at 1.6359 mentioned in the morning has held so far. If and while this Support continues to hold, the Pound can rise further towards 1.6565 today. The projected Max High for the Day is 1.6594. Market Trade (at time of writing):
Aussie AUD-USD @ 0.8026/30...May test crucial Resistance at 0.8100R: 0.8059 / 0.8118 The Aussie has risen well in the last hour or so (alongwith the other currencies) on the better than estimated Q2 JP Morgan earnings. The Support at 0.7977-50 mentioned in the morning has held well and there are chances of a test of strong channel Resistance at 0.8100 (of channel 0.77-81, mentioned in the morning). The Resistance at 0.8100 is both strong and crucial, as may be seen on the Daily Candles on the following page: If and while the Resistance at 0.8100-18 (latter is the projected Max High for the Day) holds, the Aussie may fall back towards 0.79 in the coming days. In case of a credible break above 0.8118, the Aussie could embark on a serious upmove towards 0.90 over time. Kshitij Consultancy Service | |
Thursday, July 16, 2009
FX Thoughts for the Day
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