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

September 6, 2010 4:35 PM GMT

USD-CHF 1.0152/55...Ranged with a bearish bias

R: 1.0200 / 1.0245-60 / 1.0291-300
S: 1.0120-00 / 1.0050 / 1.00

"We continue to hold our morning view on the pair today."

Dollar-Swiss has moved down in the Asian session today. The pair may see some dip towards 1.0100 in the coming sessions today. If we see a break below 1.0100 (50-50 chances), we may consider entering longs near 1.0075-50 region for an eventual rise on the pair in the coming days. However, in case of a bounce from 1.0100, we would prefer staying out of the markets, looking to buy at safer levels near 1.0050-75.

Limit Buy Order:
Buy USD 10K at 1.0065, SL 0.9975, TP Open
Buy USD 10K at 1.0045, SL 0.9975, TP Open
Buy USD 10K at 1.0015, SL 0.9975, TP Open

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GBP-USD @ 1.5363/66...Buy dips

R: 1.5400-25 / 5480-500 / 1.5600
S: 1.5350 / 1.5320-00 / 1.5250

Cable has honoured the Resistance at 1.5480-500 and has dipped in the European session today. The pair may see some more downside towards 1.5300-275 before a rise over the next couple of days. Please note that we see less chances of any significant movement happening today, since the US is closed. We would want to buy on dips rather than sell rallies, for an eventual rise on the pair towards 1.5600-50 the next few days/weeks.

Limit Buy Order:
Buy GBP 10K at 1.5310, SL 1.5220, TP Open
Buy GBP 10K at 1.5280, SL 1.5220, TP Open

AUD-USD 0.9173/76...Sell Rallies

R: 0.9200 / 0.9250-65 / 0.9330
S: 0.9100 / 0.9000-20 / 0.8900-890

"We continue to hold our morning view on the pair today."

Aussie has moved up after opening flat in the Asian session today. The pair is currently trading just below the strong Resistance region of 0.9175-200, which is expected to hold, followed by a dip in the coming sessions over today and tomorrow. However, there are distant chances of the pair breaking above 0.9200 temporarily, testing all the immediate Resistances (on daily and 4-hourly charts), followed by a dip below 0.9200 in the coming sessions over today and tomorrow. It will be safer to approach the market from a short side near 0.9250 levels.

Limit Sell Order::
Sell AUD 10K @ 0.9225, SL 0.9315, TP Open
Sell AUD 10K @ 0.9255, SL 0.9315, TP Open
Happy Trading!

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