|USD-CHF @ 0.8945/48...Mixed. Stay away|
R: 0.8960 / 0.9000 / 0.9060-75
Dollar-Swiss is trading flat in between 0.8910-60. Market is waiting for the US Fed announcement. As mentioned in our Morning comments 0.9000 is an important Resistance level to be watched. We expect this Resistance to hold until the Fed announcement. Failure to see a strong rise past 0.9000 even after the Fed announcement could be very bad for the pair which would increase the chance of a fall to 0.8800-8700 on the downside. We will have wait and watch. We prefer to stay out of the market as the market remains mixed ahead of the Fed meeting.
|GBP-USD @ 1.5624/27...Bearish. Can fall to 1.5450|
R: 1.5650 / 1.5750 / 1.5815-20
Cable fell sharply breaking below 1.5700 during the day. It is now trading below its Support at 1.5650 which leaves high chances of a further fall to 1.5450. On the upside 1.5750 is a significant Resistance level and the 100-Week-MA (1.5815) is the next important Resistance to be watched on the upside. Only a strong break above this 100-Week-MA will ease the downside pressure. But with this sharp fall below 1.5600 today, we see very less chance of a rise to 1.5750-5820. Our view remains bearish and we expect a fall to 1.5450.
We booked a profit of 65 pips from the Short position entered at 1.5715.
|AUD-USD @ 1.0210/13...Might test 1.0150-00|
R: 1.0280-0300 / 1.0390-400
Aussie failed to rise past 1.0300 and has come off sharply during the day. It is now trading just above 1.0200. The overall bearish outlook remains intact and we expect a further fall to 1.0150-00 in the US session today on a strong break below 1.0200. In a bigger picture the downside is open even for a fall to 1.000-0.9980. On the upside 1.0300-20 is an immediate Resistance and then strong Resistance is seen near 1.0400. Only a strong break above 1.0400 will ease the downside threat.