FX Thoughts for the Day

Daily Forex Technicals | Written by Kshitij Consultancy Services | Dec 16 09 12:27 GMT |

USD-CHF @ 1.0373/76...Immediate Support at 1.0360 R: 1.0440-60 / 1.0490-0510 / 1.0550 S: 1.0360 / 1.0320-00 / 1.0220 Swiss has fallen from the day's high of 1.0425 and is now trading lower below 1.0400. Immediate Support is seen at 1.0360. If this immediate Support at 1.0360 holds, then we might see a rise towards the Resistance seen on the weekly graph in 1.0440-60 region. On the other hand, a strong break below 1.0360 might pull it down towards 1.0320-00 in the US session today which would also decrease the chances of a rise towards 1.0440-60. Overall the pair is still in its broader downtrend. A break and a weekly close above the Resistance region (1.0440-60) mentioned above, would signal a trend reversal. To see the Resistance on the USD-CHF Weekly graph click on the following link: http://www.kshitij.com/graphgallery/chfcandle.shtml#candle Cable GBP-USD @ 1.6363/67...Resistance zone 1.6397-1.6416 R: 1.6397-6416 / 1.6470-83 / 1.6505 S: 1.6272-62 / 1.6229 / 1.6151 Cable rose during the day above the range of 1.6205-1.6324 that we were looking for in the morning. However, it is still within the broader range of 1.6164 and 1.6380. Even beyond 1.6380, there is a strong Resistance in the region 1.6397-1.6416 created by the 13-MA, 100-MA and 200-MA on the 4H chart. It is rising ahead of the FOMC and allowing itself the room to stage a fall towards the Support at 1.6229 and even lower. Just wanted to remind the readers, that the pair has been trading around the 1.6229 since the last several days and has not closed below this level. The same may continues today as well. Aussie AUD-USD @ 0.9011/14...Support at 0.8960 R: 0.9060-70 / 0.9130 / 0.9180 S: 0.8960 / 0.8900 / 0.8840 The Support at 0.8965 mentioned in the morning commentary has held and Aussie has risen from the day's low of 0.8955. It is now trading just above 0.9000. If it continues to trade above 0.9000, we might see a rise towards 0.9060-70 where some Resistance is seen. A break and a further upmove above 0.9070 might see 0.9130 on the upside. On the downside, we may expect the Support at 0.8960 to hold in the US session. However, a break below 0.8960 might pull it down towards 0.8900 or even lower. 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.