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

R: 1.0430-65 / 1.0500 / 1.0550

S: 1.0400 / 1.0350 / 1.0300-0280

Dollar-Swiss is continuing to trade higher. Howeve, the Resistance in 1.0430-65 region mentioned earlier is holding as of now. Support is seen at 1.0400 and if it continues to hold, we might see a break above this 1.0430-65 Resistance region which would take the pair up towards 1.0550-0600. Note that 1.0550-0600 is the upper end of the 1.03-06 range in which the pair has been trading for several weeks. The overall outlook is bearish and we expect the upper end of the range to hold. A rally towards 1.0550-0600 can be considered for taking short positions.

Limit Sell Order:

Sell USD 10K at 1.0570, SL 1.0660, TP 1.0300

R: 1.5425-45 / 1.5470-90 / 1.5513-30

S: 1.5372-68 / .5344 / 1.5316

The Pound dipped further during the day, to a low near 1.5372, just above 1.5368, our projected Max Low for the Day. It might not extend the losses further today. But, if and while it remains below 1.5425 for today, there would be good chances of further decline tomorow. There is further Resistance at 1.5470, the 200-day MA, and then in the 1.5510-30 region.

However, since the projected Max Low at 1.5368 is intact for now, the risk of a bit of short-covering in the US session cannot be ruled out.

Holding:

GBP 10K Short at 1.5385, SL 1.5475 (up from 1.5465), TP 1.5330

Limit Sell Order:

Sell GBP 10K at 1.5460, SL 1.5525, TP 1.5240

Sell GBP 10K at 1.5503, SL 1.5545, TP 1.5240

R: 0.8858 / 0.8910-30

S: 0.8800 / 0.8765 / 0.8745-35

The Aussie has continued to fall through the day and is close to testing 0.8800, the projected Max Low for the Day. If that also gives way, then a further decline towards 0.87 would be on the cards. Before that, some Support may be expected at the levels given above. Intra-day rallies may, hopefully, be limited to 0.8870-8910 and may be used for selling afresh.

Holding:

AUD 10K Short at 0.8958, TSL 0.8868 (down from 0.8878), TP Open.

Limit Sell Order:

Sell AUD 10K at 0.8920, SL 0.9010, TP Open

Happy Trading!