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

USD-CHF @ 0.8480/83...Sell rallies

R: 0.8515 / 0.8540-55 / 0.8623
S: 0.8450 / 0.8400 / 0.8300

Dollar-Swiss has come off from Friday's high of 0.8526. The overall Trend is still down. Series of Resistances seen on the upside at 0.8515, 0.8540-55 and then at 0.8623. Support is seen at 0.8450 and then at 0.8400. While above 0.8400, there is a good chance of testing 0.8500 on the upside this week. A rally towards 0.8550 can be considered for taking Short positions. A pull back is expected from this 0.8550 Resistance towards 0.8300. A break below 0.8300 would trigger a fresh downmove towards 0.8140 and then to 0.8080.

Limit Sell Order:
Sell EUR 10K at 0.8535, SL 0.8625
EUR-CHF (1.2335) has risen well above our expected level of 1.2100 and is now trading strong above 1.2300. Resistances seen at 1.2360, 1.2385 and 1.2400. A strong break above these Resistances would open doors for further rise to 1.2700-50. While 1.2400 holds, a pull back to 1.2150-100 can be seen.

GBP-USD @ 1.6077/80...Mixed

R: 1.6100 / 1.6150 / 1.6225-50
S: 1.6050 / 1.5970-50 / 1.5900-5880

Follow us

Cable continues to remain mixed and is oscillating around its 200-DMA (currently at 1.6041). It is not gaining upside momentum to see a strong rise above 1.6100. While below 1.6100, the pair is expected to remain pressured on the downside and a dip to 1.5970-50 and 1.5900-5880 is possible in the coming days. Series of Supports seen on the downside. 1.5970-40 region, 1.5900, 1.5881 [61.8% Retracement level of the rise from 1.5345 (Dec-10) to 1.6747 (Apr-11)], 1.5809 and then at 1.5777. A dip to 1.5900 can be considered for taking Long Positions this week. On the upside a strong break above 1.6100 will open doors for a strong rise to 1.6200-6300. Important to note is that 1.6300-20 is the Support-Resistance-region which is expected to hold and a pull back to 1.6100 is possible from this Resistance region.

Trade ideas for the week:
1) Buy GBP 10k at 1.5930, SL 1.5840, TP 1.6130
2) Sell GBP 10K at 1.6285, SL 1.6365, TP 1.6120

AUD-USD @ 1.0725/28...Bullish

R: 1.0785 / 1.0900 / 1.1000
S: 1.0670-60 / 1.0600-0570 / 1.0500

Aussie witnessed a strong break above its 1.0600-50 Resistance region and is trading above 1.0700 now. There is important Resistance at 1.0785 (Trendline Resistance on the Monthly candles) which is holding as of now and is restricting the pair from further rise. However, the overall picture looks bullish with series of Supports on the downside at 1.0660, 1.0570 and 1.0500. A strong break above 1.0785 would trigger further upmove towards 1.0950-1000 in the coming days. Overall the pair is bullish and can rise further to 1.10 once again. As such we will be looking to go Long this week.

Limit Buy Order:
Buy AUD 10K at 1.0635, SL 1.0540. TP Open

Trade ideas for the week:
1) Watch to enter Long at the market if a bounce happens from 1.0670-60 region itself.

Happy Trading!

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