|USD-CHF @ 0.9689/92...Might test the Support at 0.9600 before further rise|
|R: 0.9745-50 / 0.9850-70 / 0.9925|
S: 0.9660 / 0.9600 / 0.9550
Dollar-Swiss is trading in a narrow range of 0.9680-0.9725 since the Asian session today. With no significant movement on either side seen during the day, our view remains the same.
Dollar-Swiss has found Resistance near 0.9745-50 region and is slowly coming down. Since it has failed to continue its upmove breaking above 0.9750, now we see higher chance of it coming down to its Support at 0.9600 initially before resuming its upmove. As mentioned in our Weekly II yesterday, 0.9600 is a very strong Support seen on the downside which is expected to hold and a bounce back from 0.9600 might be seen towards 0.9700-50 once again. Only a strong break below 0.9600 will damage the current bullish view. 0.9850-70 is the next significant Resistance region seen above 0.9750 which might be tested this week. As such we will be entering Longs on a dip to 0.9600 for a rally to 0.9850.
Limit Buy Order:
|GBP-USD @ 1.6126/30...Might rise to 1.6150-6200|
|R: 1.6150 / 1.6180-6200 / 1.6250|
S: 1.6060 / 1.6020-00 / 1.5950
Cable has risen sharply from the day's low of 1.6007 and is now trading just above the 1.6070-90 Resistance region. Failure to see a strong break below 1.6000 is easing the threat of a fall to 1.5850-5750 which we were looking for and it has increased the chances of a further rise to 1.6150-6200 in the coming sessions. As such we would want to wait and watch.
We exited our Short position entered at 1.6060 losing 57 pips.
|AUD-USD @ 1.0021/24...Buy dips|
|R: 1.0075 / 1.0160 / 1.0220|
S: 1.0000-0.9980 / 0.9955 / 0.9925
Aussie is continuing to be ranged between 1.0000-50. With no significant movement seen on either side during the day our view remains the same. The overall trend is still up and we see strong Supports at 0.9955 (Trendline Support on the Monthly candles), 0.9925 (21-Week-MA) and 0.9875 (Trendline Support on the weekly candles). A break below 1.0000 might see a test of the 21-week-MA Support level. A dip below 1.0000 towards 0.9930-00 can be considered for taking Long positions. As mentioned yesterday although the broader outlook is still bullish, we would want to wait for the dip to enter Long this week.
Limit Buy Order: