FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Dec 14 09 12:04 GMT |

USD-CHF @ 1.0334/37...Holding Short R: 1.0350-65 / 1.0430 / 1.0470 S: 1.0300 / 1.0255-30 / 1.0220-00 The Support at 1.0300 mentioned in the morning commentary held during the day and Swiss has risen from the day's low of 1.0293. As mentioned earlier, Resistance is seen in 1.0350-65 which we expect to hold as the broader picture continue to remain bearish. However, if it continues to trade above 1.0300 and gains upside momentum, a strong break above this Resistance region (1.0350-65) might increase the chances of further rise towards 1.0450-70. On the downside, a break below 1.0300 might pull it down towards 1.0220-00. Remember, the pair traded above 1.0200 most part of the last week. Holding: USD 10K Short at 1.0320, SL 1.0410, TP Open As soon as the market trades 1.0270 bring the SL down to 1.0370 Cable GBP-USD @ 1.6229/32...Testing Support at 1.6229 R: 1.6255-57 / 1.6346-51 / 1.6377-83 S: 1.6135 / 1.6031 / 1.5853 Cable has fallen towards the Trendline Support once again. A structured fall towards 1.60 looks likely over the course of the week. Over the last 4 days, the pair has ranged sideways and unless a close below the Trend Support at 1.6229 is seen, the range may continue for a couple of more days. But overall the pair is bearish. The Projected Max High and low for the day is at 1.6377 and 1.6135 respectively. To see the chart of Cable, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle Aussie AUD-USD @ 0.9096/99...Crucial Support at the 13-Week-MA (0.9062) R: 0.9160 / 0.9230 / 0.9320 S: 0.9062 / 0.8980 / 0.8930 After trading in a very narrow range of 0.9100-25 most part of the day, Aussie has broken and trading just below 0.9100. As no significant move on either side was not seen during the day, oru view remains the same on the pair. The 13-Week-MA (currently at 0.9062) is the crucial Support level to watch for which is holding the pair above 0.9000 over the last couple of weeks. This keeps the overall uptrend still alive. A strong break below the 13-Week-MA might pull it down towards 0.9000-0.8980 in the US session today. Note that the projected Max-Low for the day is 0.8980. On the other hand, if it gains upside momentum, a break once again above 0.9100 might see a rise towards the Resistance at 0.9160. A strong break above 0.9160 might see a rise towards 0.9230-60 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.