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

USD-CHF @ 0.8510/13...Bearish

R: 0.8600-8630-8650 / 0.8750 / 0.8800
S: 0.8500 / 0.8460 / 0.8400

Dollar-Swiss remains weak. Strong fall seen last week. Rebuff from 0.89 was disappointing. Bearish for the Dollar. Swiss Franc again acquiring "safe haven" status against both the USD and the EUR? Further decline seems likely. Can see potential for fall towards 0.83-0.82. On the Monthly, there can even be chances of seeing 0.80. That's pretty bearish.

Some Support may be there at 0.8500 and in the 0.8460-40 region. The best that the Dollar can hope for in the immediate future (1-2 days) is consolidation between 0.84-86. Only a rise past 0.8630-50 Resistance region can suggest chances of a further rally, maybe to 0.8750-0.8800. But, in the bigger picture, 0.88 is a very strong Resistance now. One can look to sell on a rally to 0.8600-50, with a tight Stop Loss
Trade ideas for the week:
1) Sell rallies to 0.8600-50 with tight stop
2) watch the market if the rally extends breaking above 0.8650 to sell in 0.8750-8800 region.
EUR-CHF (1.2157) has dipped sharply breaking below its important range Support at 1.2400. There is immediate Support at 1.2120 and if it breaks, a further fall to 1.1900-1875 could be on the cards. On the upside a strong break above 1.2400 will have to be seen to ease the downside pressure which does not look likely as of now.

GBP-USD @ 1.6464/67...Bullish

R: 1.6500 / 1.6550 / 1.6600
S: 1.6400-6380 / 1.6330 / 1.6250

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Cable has bounced back well from its Support at 1.6050 last week. The overall picture is bullish. However, there is some Resistance near 1.6550 (fault line Resistance on the weekly candles) and a break above it might trigger further upmove towards 1.6600-6750-6800 going forward. If the Resistance at 1.6550 holds, then we might a test of the at 1.6400 (21-DMA) or even 1.6330 (21-MA on the 4-hr). A break below 1.6330, if seen could take the Pound down towards 1.6200. We should definetly be on the Long side on the pair. But whether we should enter Long near 1.6400 or should allow for a dip 1.6330 is the question. The market should be watched carefully and if a bounce happens from 1.6400-6380 region itself then we can enter Long at the market. Else we will have to wait for a dip 1.6330 to enter Long and the stop should be below 1.6250.

Trade ideas for the week:
1) Watch for a bounce from 1.6400-6380 region to enter Long at market.
2) Buy on dips to 1.6330, but the stop should be below 1.6250

AUD-USD @ 1.0693/97...Bullish. Buy dips

R: 1.0700-20 / 1.0750 / 1.0800
S: 1.0650 / 1.0600 / 1.0520-00

Aussie has risen well from its important Support at 1.0440. as Support at 1.0673 (21-day MA) now and medium term Support at 1.0450-00. While above 1.04, the outlook is bullish and there can be chances of a rise towards 1.10. On the other hand, while below 1.0700, there could be a chance of some sideways consolidation between 1.0500-450 on the downside and 1.0700 on the upside.

For one, it would be good to be Long, not Short. Should we buy a dip to 1.0650-00 itself or should we wait for a dip to 1.0500-0450. There is chance of seeing a bounce from near 1.0600 itself. Therefore the market needs to be watched carefully and if a bounce from 1.0650-00 region is seen then we can enter Long at the market.

Trade ideas for the week:
1) Watch for a bounce from 1.0650-00 Support region and look to buy into the bounce.
2) Buy on dips to 1.0500
Happy Trading!

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