USD-CHF @ 1.1837/42...Surprising rise
R: 1.1885-90 / 1.1927 / 1.1955
S: 1.1840-30 / 1.1790-80
Contrary to our expectation, Dollar-Swiss has risen past 1.1850, breaking out of the 1.1550-1830 rising channel that it has been trading in for the past several days. While it now stays above 1.1840-30, there could be chances of follow-through Stop Loss buying, which could take the market up towards 1.1927, the projected Max High for the Day. Before that, however, there could be some Resistance at 1.1890 also.
Failure to move up from current levels, coupled with a break below 1.1830-20 may suggest that the intra-day rise to 1.1885 was a false break.
Whatever it be, our Short at 1.1815 has been stopped out at 1.1855 and we are staying out for today.
Cable GBP-USD @ 1.4307/10...Erratic sideways trade
R: 1.4419 / 1.4460
S: 1.4267 / 1.4150 / 1.4090
Up yesterday to a high of 1.4445 (but not high enough to give up profit on our Long), down today to a low of 1.4152 and then back up just now. Looks like the Pound is intent on moving up and down erratically between 1.4090 and 1.4460 for the next few days.
It is to be seen whether the Resistance at 1.4500 on the Weekly Candles holds or not. Take a look at: http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle
Aussie AUD-USD @ 0.6395/6400...Indecisive, breakout due next week
R: 0.6434 / 0.6490-6520
S: 0.6356 / 0.6305
The Aussie had risen to 0.6525 yesterday, but fell from there to an intra-day low near 0.6356 today. There is good Support at 0.6305, as can be seen on the Daily Candles on the following page:
At the same time, there is Resistance near 0.65-66 on the Daily Line chart, as can be seen on the following page:
As such, the market can be ranged and indecisive between 0.63-66 for some time. That said, a breakout is nearing, either up towards 0.67-68 or down towards 0.61 in the coming week.
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.