|USD-CHF @ 0.7795/98...Might fall further|
R: 0.7880-7900 / 0.7960 / 0.8000
Dollar-Swiss fell below 0.7800 during the day and has bounced back from the day's low of 0.7761. The broader outlook is bearish and a test of 0.7700-0.7600 looks likely on the downside. Resistance is seen at 0.7900 which is expected to hold. However, due to volatile movement, the upmove can extend further to 0.7950-0.8000 incase a break above 0.7900 is seen after the US NFP data release. But the broader picture remains bearish and any sharp upmove after the NFP release will be short lived.
|GBP-USD @ 1.6216/19...Exit Short|
R: 1.6225-50 / 1.6300 / 1.6350
Contrary to our expectation, Cable failed to dip during the day to test 1.6120-00 Support region. It has risen above 1.6200, but is not gaining upside momentum for further strong rise. Market is waiting for the US NFP data release which is due in some time and that would trigger a sharp move on either side from current levels. We will have to wait how the market moves in the US session and closes for the week today. We are exiting the Short position entered during the day.
Exit Trade (at the time of writing):
|AUD-USD @ 1.0695/98...Trading flat|
R: 1.0720 / 1.0780-800
Aussie is trading flat in a narrow range of 1.0680-710. With no significant movement on either side our view remains the same on the pair. A test of its significant Support in 1.0660-50 looks likely in the US session and it needs to be seen whether it can hold or not. A strong break below 1.0650 might increase the chances of further dip to 1.0600-0570. The borader outlook remains bullish and the downside could be restricted to 1.0600-0570 on a break below 1.0650. There are even chances of the immediate Support at 1.0660-50 region itself holding well. We will have to wait and see what happens.