FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Sep 22 09 12:03 GMT |

USD-CHF @ 1.0243/46...Holding Short R: 1.0270-1.0300 / 1.0330 / 1.0370-85 S: 1.0220-00 / 1.0137 / 1.0039 Swiss continued to fall during the day breaking below the significant Support at 1.0275 mentioned earlier and is now trading lower below 1.0250. If it continues to trade lower a break below 1.0200 might see a downmove towards 1.0150-30 in the coming sessions. On the upside Resistance is seen in the region 1.0270-0300 which we expect to hold in the US session as the pair is looking weak. Holding: USD 10K Short at 1.0355, TSL 1.0270 (down from 1.0295), TP 1.0150 (changed from Open) As soon as the market trades 1.0180, bring TSL down to 1.0235 Cable GBP-USD @ 1.6339/43...Resistance near 1.64 R: 1.6358-80 / 1.6416-20 / 1.6450 S: 1.6314 / 1.6262-33 / 1.6191 Cable has risen beyond the Resistance at 1.6300 and next faces Resistance at 1.6435. The Projected Max High for the day is at 1.6358. It has already scaled a high of 1.6350 during the day. It seems to have decided to honour the channel at the moment and target its upper end which is at 1.68 over the next several days. However, the Resistance at 1.64 is an important one which will have to be watched to get the confimation whether of a continues rally towards 1.68 once again. Overall Cable is trading in a broad range of 1.61-1.70 over the last several months. Aussie AUD-USD @ 0.8738/41...Significant Resistance in the region 0.8750-75 R: 0.8750-75 / 0.8860 / 0.9038 S: 0.8720-00 / 0.8670-50 / 0.8615-00 Aussie as expected continued to rise towards 0.8750 during the day. Significant Resistance is seen in the region 0.8750-75. A strong break above this Resistance region (0.8750-75) might see futher rise towards 0.8850-0.8900 in the coming sessions. On the other hand if this Resistance region (0.8750-75) holds we might see a downmove towards 0.8670-50 in the US session. Note that the projected Max-Low for the day is 0.8655. 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.