FX Thoughts for the Day

USD-CHF @ 1.1584/89...Mixed

R: 1.1633-56 / 1.1836-47 / 1.1933

S: 1.1570-49 / 1.1500-484

Swiss has traded lower during the Asian and early European session between 1.1599-1.1768 taking Support of the 8-day MA at the bottom. It has Support on the trendline on the daily candle charts at 1.1550 which could be tested on a further dip from here. Dollar-Swiss has shown inability to rise past 1.18 over the last several days and has been ranged betwen 1.16 to 1.18 over the past 4 days promising potential to move up. Till it continues with the uptrend, there is likelihood of rise further towards 1.19 (55-month MA). Or possibly, it could remain ranged and then catch on the heat which could push the pair upwards over the next few days. To see the chart of Swiss, click on: http://www.kshitij.com/graphgallery/chfcandle.shtml#candle

Cable GBP-USD @ 1.4815/19...Could be ranged between 1.4750-1.5100

R: 1.4829-49 / 1.5062 / 1.5457

S: 1.4751 / 1.4616-02 / 1.4577-66

Cable having risen past the trendline Resistances on the 3-day and weekly candle charts is now taking Support at the same trendlines. A fall back into the channel would nullify the rise seen yesterday and could be written off as just a spike. 4-hourly charts suggest a range of 1.4750-1.5100 over the US session. On a further rise over the next few days it could face strong Resistance near 1.55 which contains the 21-week MA at 1.5464, 100-day MA at 1.5485, trendline Resistance at 1.5450 on the monthly line charts. Selling Pound on a rise towards 1.50 could be attempted which could be fruitful if the trendline Resistance near this region holds as can be seen from the daily candle charts. To see the chart of Cable, click on: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle

Aussie AUD-USD @ 0.6689/93...Faced Resistance from 100-day MA

R: 0.6727-51 / 0.7091

S: 0.6605 / 0.6569-43 / 0.6386

Aussie has dipped below the projected Max Low for the day after facing Resistance from the 100-day MA at 0.6798 and trendline Resistance on the 3-day charts. If the Resistance continues to hold on, the pair could be pressured down towards 0.6386 (Projected Max Low for the week) or a rise could be contained near 0.6850 as can be seen from the daily candle charts. To see the chart of Aussie, click on: http://www.kshitij.com/graphgallery/audcandle.shtml#candle