SwissUSD-CHF @ 0.9477/80...Bearish
R: 0.9500 / 0.9550 / 0.9600
S: 0.9400 / 0.9320-00
The Trendline Resistance Resistance at 0.9750 has held very well last week and Dollar-Swiss had come off sharply from its high of 0.9745. A further fall to 0.9320-00 looks likely this week. There is some Support at 0.9400 and a pull back rally is possible from this Support. 0.9600 is a significant Resistance level to watch and a rally to this Resistance level can be sold. But whether the pull back rally from 0.9400 would extend till 0.9600 is a question as there are series of Resistances in between 0.9500-0.9600. As such we will be trading from the Short side on the pair this week. But it would be difficult to find an entry level on this pair and so we will be watching the market to enter the Short trades.
CableGBP-USD @ 1.6220/23...Bullish
R: 1.6280-6300 / 1.6650
S: 1.6200 / 1.6150 / 1.6050
Cable witnessed a volatile move last week. A sharp rise to 1.6150 on Tuesday on expectation of interest rate hikes followed by a sharp fall on Wednesday after the BOE's inflation report and then once again a sharp rise on Thursday to 1.6150 to close strong above 1.6200 for the week. The overall uptrend since the December low of 1.5345 remains intact. A further rise to 1.6650-6750 looks likely in the coming weeks. On the downside intermediate Support is seen at 1.6150 and then Strong Support is seen in 1.6050-00 region. Also the 21-DMA (currently at 1.6065). A break below 1.6150 if seen might target the 21-DMA on the downside. A dip to the 21-DMA if seen can be considered for taking Long position this week. But whether we will get a chance/dip to 1.6050 is a question and we also see chances of the pair continuing to trade above 1.6200. The BOE's minutes of the meeting release is due this Wednesday (23-Feb-11)

 

Trade ideas for the week:
1) Buy at 1.6050, SL 1.5960, TP Open

AussieAUD-USD @ 1.0110/13...Ranged with bullish bias.
R: 1.0200 / 1.0250
S: 1.0050 / 1.0000 / 0.9930
A rise once again from near the 21-Week-MA (currently at 0.9948) last week. Broadly ranged between the 21-DMA Support and 1.0200 within its overall uptrend. A strong break above 1.0200 could trigger further rise to 1.0400-50 in the coming weeks. While 1.0200 holds, wait for a dip to 1.000-0.9950 to enter Long. There could be a pause during the fall below 1.0100 near 1.0050 which might tempt to enter Long at the market. But that would be like entering Long at the middle of the range. Therefore we will wait for a dip to 1.0000-0.9950.

 

Trade ideas for the week:
1) Buy on dips to 1.0000-0.9950 with stop below the 21-Week-MA (currently at 0.9948)