|USD-CHF @ 0.8547/50...Can rise further to 0.8800-8850|
R: 0.8570 / 0.8800 / 0.8850-70
The SNB's move to set the floor for EUR-CHF at 1.20 triggered a sharp rise of about 600 pips in Dollar-Swiss. It is now trading strong above 0.8500. Now the question is whether this can reverse the overall downtrend? We need to wait and watch. Now Support will be at 0.8300 and the upside is open for further rise to 0.8800-50. We will have to wait and see what happens.
We got stopped out of the Short positions entered at 0.7857 and 0.7881 losing a total of 102 pips.
|GBP-USD @ 1.6050/53...Immediate Support in 1.6050-35 region|
R: 1.6125 / 1.6200-20 / 1.6275
Cable sipked to test 1.6200 during the day and has come off sharply from its high of 1.6205. It is now trading below 1.6100. Failure to sustain the sharp rise retains the overall downside pressure. Our view remains the same. A further dip to 1.6050-35 is possible in the coming sessions. This 1.6050-35 is a significant Support region seen on the downside and a break below it might take it further down towards 1.5950-00 which is a strong Support region seen on the downside. A fall to 1.5900 can be considered for taking Long positions as we expect this Support region to hold on its first test. However, long position if taken near 1.5900 need to have tight stops as the downmove can extend further to 1.5800 before a bounce back.
Limit Buy Order:
|AUD-USD @ 1.0535/38...55-DMA Resistance held well|
R: 1.0570 / 1.0620-30 / 1.0650
Aussie failed to see a strong rise past 1.0600 during the day and has come off from its high of 1.0627. Technically the 55-DMA (currently at 1.0622) has held very well and is keeping the pair pressured on the downside. While below 1.0600-30 Resistance region, the downside threat is still there and a strong break below 1.0500 would take it further down to 1.0450-00.
we booked a profit of 25 pips from the Short position entered at 1.0570.