SwissUSD-CHF @ 0.9272/75...Contrarian view
R: 0.9350 / 0.9400 / 0.9450
S: 0.9275 / 0.9250-35 / 0.9200

Dollar-Swiss fell further last week breaking below its Support at 0.9400 and is retaining its weakness. The broader picture remains bearish. Strong Resistance is seen at 0.9350 and then at 0.9400-50 region. As such during the week we will be looking to sell on rallies to these levels. On the downside strong break below 0.9200 would trigger fresh downmove to 0.9000 or even 0.8800 in the coming days/weeks.

But interestingly we do also have a contrarian view on the pair. We see significant Support at current levels and in 0.9250-35 region. After two weeks of continuous fall there is a possibility of seeing a pull back rally to test the Resistances mentioned above at 0.9350/0.9400/0.9450. As such we are taking a contrarian trade this week and will be looking to buy on a dip to 0.9250-35 region for a pull back rally to 0.9350-9400.

Limit Buy Order:
Buy USD 10K at 0.9240, SL 0.9200, TP 0.9350

Trade ideas for the week:
1) Watch the market to sell rallies to 0.9350-9450.

CableGBP-USD @ 1.6234/37...Ranged with bullish bias
R: 1.6275-6300 / 1.6450
S: 1.6185 / 1.6131 / 1.6050-30

Cable has risen sharply today and is trading strong above 1.6200. The broader sideways range between 1.6050-00 on the downside and 1.6275-6300 on the upside is still holding. A test of this range Resistance in 1.6275-6300 region looks likely in the coming sessions. A strong break above 1.6300 will open doors for a fresh rise to 1.6500-6600 going forward. While 1.6275-6300 Resistance region holds, we might expect a pull back once again towards 1.6100-6050. Note that the 21-DMA Support is currently at 1.6131 which might hold on a pull back from 1.6300. But entering Long near the 21-DMA might not be good as there would still room for further fall towards 1.6050-00 if the sideways range is to continue. As such we will have to wait for a dip to 1.6100-6050 to enter Long trades.

Trade ideas for the week:
1) Buy on dips to 1.6100-6050.

 

AussieAUD-USD @ 1.0165/68...Ranged with bullish bias
R: 1.0200 / 1.0250
S: 1.0085 / 1.0050-30 / 0.9965

The 21-Week-MA (currently at 0.9965) has held very well once again last week and Aussie has risen sharply from its low of 0.9967. Overall the pair has been trading in a sideways range between the 21-Week-MA (0.9965) on the downside and 1.0200 on the upside. It is trading near its range Resistance. While the Resistance at 1.0200 holds, we might expect the sideways move to continue and there is good chance of testing the 21-Week-MA once again this week also. This 21-Week-MA is a very strong Support level on the downside which has been keeping the overall uptrend alive. We expect this 21-Week-MA to continue to hold. As such a dip to 1.0000-0.9960 can be considered for taking Long positions. On the other hand if the pair breaks above 1.0200, we will have to wait for a test of the next significant Resistance at 0.9250 and then a pull back from this Resistance at 0.9250 will have to be watched to buy on higher levels on a pull back from 0.9250.

Trade ideas for the week:
1) Buy at 1.0010, SL 0.9940, TP Open
2) Watch if a pull back from 1.0250 happens to enter long on dips.