Forex Trading ideas for USD/CHF, GBP/USD and AUD/USD

USD-CHF @ 0.8770/75...Mixed

R: 0.8852 / 0.8900
S: 0.8800 / 0.8767 / 0.8700

Dollar-Swiss is trading volatile in between its 21-DMA Support (0.8767). A sharp rise was seen during the day, but it failed to continue breaking above the 200-MA Resistance on the 4-hr chart (0.8852) and has come off sharply from there. The immediate outlook remains mixed. Yesterday's candle is showing a state of indecisiveness. A breakout on either side of this Support (21-DMA)/Resistance (0.8900) will determine further direction of move. With no clear idea on the direction of move, we are staying out of the market now.

GBP-USD @ 1.6238/40...Mixed

R: 1.6285-6300 / 1.6400
S: 1.6200 / 1.6150-30 / 1.6050

Cable spiked up to 1.6274 and has come off from there. The outlook continues to remain mixed. With no significant move on either side during the day, our view remains the same. There is Resistance in 1.6285-6300 region and only a break above this Resistance region will trigger fresh upmove. While below 1.6300, a dip once again to 1.6150-00 cannot be ruled out. On the daily candles it is now at the middle of the 1.6100-300 range in which the pair has been trading mostly this week. With the outlook unclear, we are staying out of the market as of now. However, in the big picture there is good Support in 1.6100-6050 and we will be looking to buy if a dip to 1.6050 is seen.

Follow us

Limit Buy Order:
Buy GBP 10K at 1.6050, SL 1.5980, TP 1.6300

AUD-USD @ 1.0655/58...Sell rallies

R: 1.0700 / 1.0742 / 1.0800
S: 1.0600 / 1.0550 / 1.0500

Aussie failed to see a strong break above 1.0700 and has come off sharply from 1.0702. Failure to see a strong rise past 1.0700 keeps the pair pressured on the downside. However, there is good Support at 1.0600 which needs to be broken to pull the trigger for a fresh upmove. However, with lack of fresh buying on the upside, we see good chance of a break and dip below 1.0600 towards 1.0500-0400. It would also open doors for a fresh fall to 1.0250 going forward. On the upside the 21-DMA (1.0742) is a significant Resistance level to be watched. Only a break above this 21-DMA would ease or wipe out the downside pressure.

Limit Sell Order:
Sell AUD 10K at 1.0720, SL 1.0810, TP 1.0430

Happy Trading!

This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service