Forex Trading ideas for USD/CHF, GBP/USD and AUD/USD

R: 0.8100 / 0.8235-50 S: 0.8000 / 0.7900

Dollar-Swiss has dipped below its 0.8100-8080 Support region. While below 0.8100, we see good chance of of a further dip to 0.8000. We might expect 0.8000 to hold for some time. However, a further break below 0.8000 would be bad for the pair and it would reduce the chances of seeing 0.8300-50 on the upside that we have been mentioning for some time. We will have to wait and see as what happens after testing the crucial 0.8000 Support level.

We got Stopped out of the Long position entered at 0.8110 losing 50 pips.

GBP-USD @ 1.6317/20...Mixed

R: 1.6335 / 1.6400-25 / 1.6475 S: 1.6300 / 1.6255 / 1.6200

Cable dipped to a low of 1.6256 and has bounced back once again above 0.8300. Resistance is seen at 1.6335 (200-MA on the 4-hr chart). While below 1.6335, a test of 1.6250-00 on the downside is possible in the coming sessions. However, while above 1.6300 and the pair gains upside momentum, a rise to 1.6400 is possible once again. The immediate outlook is mixed and we will have to wait and see what happens.

AUD-USD @ 1.0680/83...Trading flat

R: 1.0750 / 1.0800 S: 1.0650 / 1.0600

Aussie is trading flat in a narrow range of 1.0660-0700. With no significant move seen on either side, our view remains the same. The chances of testing 1.0750-0800 on the upside is still there as the pair is not showing much strength on its downmove and there is strong Support at 1.0600. While above 1.0600 there is no immediate threat on the downisde. The broader outlook remains bullish for a test of 1.0750-0800.

Holding: AUD 10K Long at 1.0653, TSL 1.0660 (up from 1.0635), TP 1.0780

Happy Trading!