|USD-CHF @ 0.9583/85...Might test 0.9680-0.9700 Resistance region before further fall|
|R: 0.9600 / 0.9680-0.9700 / 0.9750|
S: 0.9525-00 / 0.9450 / 0.9400
The Support in 0.9320-00 region held very well last week and Dollar-Swiss has risen sharply from the low of 0.9327. Although the broader outlook is still bearish, the bounce back seen today from 0.9528 leaves higher chances of a break above the immedaite Resistance at 0.9600 and move further up towards 0.9680-0.9700 in the coming sessions. 0.9680-700 is a very strong Resistance region which is expected to hold for the week. We might see a pull back towards 0.9450-9350 once again. On the other hand if the immediate Resistance at 0.9600 itself holds, then we could see a fall to 0.9500-9450 in the coming sessions. Overall the broader outlook is still bullish with chances of a rise to 0.9680-0.9700 before seeing further fall. A rally to 0.9680-9700 can be considered for taking Long positions.
We exited one of the Long position entered at 0.9567 with 2 pips profit.
Limit Sell Order:
|GBP-USD @ 1.6107/09...Support in 1.6050-00 region|
|R: 1.6180 / 1.6230 / 1.6277-30|
S: 1.6100 / 1.6050 / 1.6000-5980
Cable has come off from last week's high of 1.6278 and is now trading near 1.6100. However, the broader picture is still bullish with strong Support in 1.6050-00 region which is expected to hold for the week. Resistance is senn in 1.6180-6230 region. Market is now at the Crossroads between the Supports and Resistances mentioned above. There are 50-50 chances of moving on either side from current levels. The fall seen today from 1.6185 leaves higher chances of seeing a test of 1.6050-00 Support region. As such we might look to take short at the market for a dip to 1.6050-00.
Market Trade (at the time of writing):
Limit Buy Order:
|AUD-USD @ 1.0125/28...Bullish. Buy dips.|
|R: 1.0160 / 1.0200-20 / 1.0250|
S: 1.0100 / 1.0030-00
Aussie has risen very well last week from near its crucial Support at the 21-Week-MA (currently at 0.9909). The broader bullish sentiment is intact. Immedaite Support is seen in 1.0110-1.0080 region. Also strong Support is seen in 1.0030-00 region. An immediate break below 1.0000 is not looking likely. We might see buyers coming in at this Support region and a dip towards it should be considered for taking Long positions. Resistance is ssen at 1.0250 which might be tested this week. Overall we might look for a range of 1.0000-0.9950 on the downside and 1.0250 on the upside for another 2-4 weeks before we see further rise.
Limit Buy Order: