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

USD-CHF @ 0.8420/24...Ranged with bearish bias

R: 0.8435-50 / 0.8500 / 0.8550
S: 0.8400 / 0.8350

Dollar-Swiss is ranged between 0.8400-40 since the early Asian sessio today. The 21-DMA (currently at 0.8439) Resistance is holding well. With the pair struggling to see a strong rise past 0.8450, the overall outlook remains bearish. 0.8350 is a very crucial Support level to be watched and a strong break below it might trigger fresh downmove going forward. While 0.8350 holds, we might expect a sideways range of 0.8350 on the downside and 0.8450-8550 on the upside.

GBP-USD @ 1.5980/85...Crucial Support in 1.5980-50

R: 1.6020-30 / 1.6100 / 1.6150
S: 1.5980-50 / 1.5850

Cable has dipped below its 200-DMA (1.6029) Support and is heading towards its crucial 1.5980-50 Support region. As mentioned in our Morning comments it will have to be seen as what happens to this crucial Support region now. A break below 1.5950 would be very bad for the pair. On the other hand a bounce back from this Support region might take the pair to 1.6100-150 once again.

AUD-USD @ 1.0509/12...Significant Support in 1.0500-0470 region

R: 1.0550-60 / 1.0600 / 1.0650
S: 1.0500-0470 / 1.0440

Follow us

Aussie has dipped further as expected and is now trading just above 1.0500. As mentioned in our Morning comments, 1.0500-0470 is a very good Support region and we might expect buyers coming in at these levels. Overall we might look for a sideways range of 1.0500-0470 on the downside and 1.0650-0700 on the upside. As such we will be looking to buy on dip towards 1.0500-0470 in the coming sessions.

Limit Buy Order:
Buy AUD 10K at 1.0480, SL 1.0420, TP 1.0575
Happy Trading!

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