FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Oct 15 09 11:57 GMT |

USD-CHF @ 1.0170/73...Holding Short R: 1.0150-75 / 1.0210-20 / 1.0240-55 S: 1.0120-00 / 1.0061 / 1.0008 Swiss has risen during the day and is now trading in the Resistance region 1.0150-75 mentioned earlier. A break above 1.0175 might take it up towards 1.0200-20 in the US session. On the downside significant Support is seen in the region 1.0120-00, a break below which might target 1.0100 over the next few days. The overall picture continues to remain bearish. Holding: USD 10K Short at 1.0350, TSL 1.0190, TP Open As soon as the market trades 1.0080 bring the TSL down to 1.0155 Cable GBP-USD @ 1.6244/47...Significant Resistance in the region 1.6350-75 R: 1.6300 / 1.6350-75 / 1.6475 S: 1.6180 / 1.6150-20 / 1.6050-30 The Cable has risen sharply during the day breaking above the significant Resistance at the 8-week MA (1.6170) mentioned earlier thereby increasing the chances of a trend reversal now. If the current strength on its upmove continues, we might see further rise towards 1.6350-75 which is the next significant Resistance region seen. On the downside Support is seen in the region 1.6150-20. Aussie AUD-USD @ 0.9159/63...Holding Long R: 0.9230 / 0.9259 / 0.9328 S: 0.9150-35 / 0.9100-0.9080 / 0.9050 Aussie has fallen from the day's high of 0.9227. Immediate Support is seen at 0.9150 which we might expect to hold as the overall picture continues to remain bullish. However a break below 0.9150 might pull it down towards 0.9100-0.9080. On the other hand if 0.9150 holds, we might see a rise once again towards 0.9200-30 in the US session. Holding: AUD 10K Long at 0.9223, SL 0.9120, TP Open AUD 10K Long at 0.9110, SL 0.8980, TP Open 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.