USD-CHF @ 1.1609/13...Which way now?
R: 1.1655-79 / 1.1717
S: 1.1576-55-35 / 1.1463
There has been a sharp rebound in Dollar-Swiss, from the day's low near 1.1465, to an intra-day high so far of 1.1639. The projected Max High for the Day is near 1.1679, so some more upside could be possible from here. Question now is, was the fall to 1.1465 false, or is today's rise to 1.1639 false? The answer might be available in a day or two. Given that the Momentum is peaking/has peaked on the Daily and Weekly charts, there could be chances of a fall later this week. Take a look at http://www.kshitij.com/graphgallery/chfosc.shtml#osc
USD 10K Short at 1.1562, SL 1.1641 (down from 1.1651), TP 1.1381
Cable GBP-USD @ 1.4632/36...Further up? Or enough?
R: 1.4689 / 1.4750-75
S: 1.4555 / 1.4500 / 1.4457
The Pound has seen the most pronounced strength, even against the Euro and the Swiss Franc, today. This is because the Pound has only gained against the Dollar today whereas both the Euro and the Swiss Franc have, during the day, given back a good poriton of their earlier gains against the Dollar. The Cable (GBP-USD) might have room to rise some more from here to test 1.4750-75, where it meets an outer trendline Resistance, as can be seen on the Daily Candles at http://www.kshitij.com/graphgallery/gbpcandle.shtml#candle
That said, if the overall sideways range in GBP-USD, which has narrowed to 1.4200-4775, were to hold, we could see some profit-taking sales materialising near 1.4750-75, pushing the Pound back down towards 1.4400 (or lower) over the next couple of days. Note, though, that the market has already moved up to test 1.4659, the projected Max High for the Day.
Aussie AUD-USD @ 0.6489/92...Resistance at 0.6625
R: 0.6551 / 0.6614-24 / 0.6681
S: 0.6465 / 0.6435-25
The Aussie has, like the Euro and the Swiss Franc, given up some of its gains today, after rising to nearly 0.6550 during the day. It could remain boxed/ ranged between 0.6625-6435 for a couple of days, while it remains below 0.6624. A rise past 0.6624 could take the Euro up towards 0.6681.
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.