FX Thoughts for the Day

USD-CHF @ 0.9267/70...Bearish within the 0.9500-200 range
R: 0.9300 / 0.9335 / 0.9410
S: 0.9240 / 0.9210 / 0.9180

The pair as expected held on to its support of 0.9240 and also gave an intra day bounce almost up to 0.9300 where it faced resistance to slide down again. Euro (1.3075) has resistance just above current levels at 1.3080 on the weekly charts which if broken immediately can then push Euro further up towards 1.3140-70. On the other hand if it takes resistance near 1.3080 it can correct a bit towards 1.3050 before rising further. Swiss on the bigger picture continues to trade in the 0.9500-200 range and the bias remains bearish inside the range for a fall towards 0.9200. The chances of 0.9200 breaking also remains and a further down side towards 0.9170-00 in the coming sessions. Any rise from current levels is expected to face resistance near 0.9300-30 levels and will be short lived.
 

GBP-USD @ 1.6121/24...Bullish
R: 1.6160 / 1.6210
S: 1.6080-50 / 1.5990-85 / 1.5910

Cable has risen further and looks strong targeting 1.6160-200 in the coming sessions. Daily and the weekly charts both have turned bullish and look strong. Any dip from current levels is likely to get support near 1.6080-50 levels. ADX has risen well and looks strong for a swift rise further. The short term charts are also looking bullish for a further rise.


 
 AUD-USD @ 1.0475/78...Still in the 1.0480-280 range
R: 1.0480-500 / 1.0570 / 1.0610-20
S: 1.0395 / 1.0320 / 1.0280
Aussie has risen well in the intraday but now has its range resistance ahead at 1.0480 levels. It continues to trade in the 1.0480-280 range. Today’s rise has been a strong one and if we see it breaking above 1.0480-500 levels a further rise towards 1.0565-625 can well be seen. On the other hand if 1.0480 hold we can see it continuing to trade in the 1.0480-280 range. With today’s strong gains the bias is slightly on the side of 1.0480 breaking but one has to wait and watch before a confirm close above 1.0480 is observed on the daily charts.

Happy Trading!
 
 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

RELATED TOPICS