R: 0.7900 / 0.7940 / 0.8000 S: 0.7830 / 0.7770 / 0.7700
Dollar-Swiss failed to sustain the break above 0.7900 and has come off from its high of 0.7911 and is continuing tho trade mixed. With no significant move on either side seen during the day, our view remains the same. The pair is trading in a range of 0.7770-0.8000 over the last few days and it is now in the middle of this range. 50-50 chances of moving on ether side from current levels. Note 0.7770 is the 21-Week-MA Support. Only a strong break below this 21-DMA will increase the downside pressure, While above this 21-DMA, the chances of alive for a test of 0.8000 or even 0.8100 on the upside going forward, The broader trend is still down, and we do not expect the upmove to extend above 0.8100. The immediate outlook is mixed and we would want to stay out of the market.
EUR-CHF (1.1337) has risen slightly and is now trading just above 1.1400. The overall trend is down and a rally to 1.1550-1600 can be considered for taking Short positions.
Limit Sell Order: Sell EUR 10K at 1.1550, SL 1.1630, TP 1.1170 Sell EUR 10K at 1.1580, SL 1.1630, TP 1.0850
GBP-USD @ 1.6511/14...Support at 1.6450
R: 1.6585 / 1.6640-60 S: 1.6450 / 1.6400 / 1.6300
Cable witnessed a sharp rise breaking above its Resistance at 1.6535, but has come off from its high of 1.6573. The immeidiate outlook remains mixed. However, the pair is finding good Support near 1.6450 and while above 1.6450, we see good chances of a rise to 1.6650-80. Only a strong break below 1.6450 will recude the chanes of seeing 1.6650+ levels on teh upside. A strong break below 1.6450 might take the pair dwon to 1.6400-6300. We will have to wait and see what happens.
AUD-USD @ 1.0506/09...Sell rallies
R: 1.0550 / 1.0600-30 S: 1.0450 / 1.0400 / 1.0325-00
Aussie has risen above 1.0500 and is keeping up our view of seeing 1.0550-0600 on the upside intact. Support is seen at 1.0450. Significant Ressitance is seen in 1.0600-30 region which is expected to hold. A pull back is possible from 1.0600-30 region which could see a test of 1.0325-00 once again. As such we will be looking to sell rallies to 1.0600. Remember 1.0325 is the 200-DMA and a strong break/close below 1.0300 will trigger further downmove to 1,0200-0100. Limit Sell Order: Sell AUD 10K at 1.0590, SL 1.0655, TP 0.9975