USD-CHF @ 1.1774/77...Channel Resistance at 1.1837
R: 1.1800-37 / 1.1897 / 1.1923-39
S: 1.1735-15 / 1.1663-52 / 1.1627
Dollar-Swiss has been relatively quiet in the upper end of the 1.1550-1835 channel today, trading in a range of 1.1725-1805. While the channel Resistance at 1.1837 holds, a dip back towards 1.1665-50 is possible over the next couple of days.
Short positions can be taken now and on a further rally into the 1.1800-37 region, with a Stop Loss above that. Note that in case the Dollar rises past 1.1837, it may move up towards 1.1900+. The chances of such a rise do not appear to be very bright, though.
Cable GBP-USD @ 1.4405/08...Buy some
R: 1.4449 / 1.4498
S: 1.4338 / 1.4267
The Pound has extended its upmove, building on its bounce from yesterday's low near 1.4095. While it stays above 1.43 now (it well might), a further rise towards 1.4450-4500 can be seen. Even a test of 1.4600 cannot be ruled out. Take a look at the Daily Candles at http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle
Market Trade (at time of writing):
- Buy GBP 10K at current level, SL 1.4290, TP 1.4478
Aussie AUD-USD @ 0.6482/86...Nearing Max High for Day
R: 0.6498-6512 / 0.6525-36-44
S: 0.6450-40 / 0.6420-10 / 0.6361
The Aussie has moved up, as expected, but unfortunately did not dip enough to enable us to initiate a Long. Whether the upmove will extend to 0.6555 or not, is to be seen. Note that 0.6498 is the projected Max High for the Day, so a bit of a pullback towards 0.6440-30 is a possibility before 0.6555 is tested, maybe tomorrow.
Kshitij Consultancy Service
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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.