SwissUSD-CHF @ 0.9197/9200...Bullish. But might fall before a fresh rally

R: 0.9220 / 0.9300 / 0.9345
S: 0.9180 / 0.9100 / 0.9045

The Resistance at 0.9220 is holding well and Dollar-Swiss retains its narrow sideways range of 0.9180-9220. As mentioned in our Morning comments, while below 0.9220 we see good chances of a test of 0.9100 on the downside. The downmove can even extend further to 0.9050-9000. The bigger picture is bullish and we expect a fresh rally in the coming days from the 0.9100-9000 Support region. The question is that the down would be limited to 0.9100 or it would extend to 0.9000 before the fresh rally begins. We will have to wait and see.

CableGBP-USD @ 1.5538/41...Might rise to 1.5600-700 while above 1.5500

R: 1.5600 / 1.5655 / 1.5720
S: 1.5500 / 1.5425-00 / 1.5330

Cable has risen past its important Resistance at 1.5500 and is continuing to trade above 1.5500. There are chances of further rise to 1.5600 or even 1.5700 while above 1.5500. The broader picture is still bearish and only a strong break/close above 1.5700 will reduce the chances of further downmove. As of now we are staying out of the market and we will have to wait and see how the market closes for the week today.

AussieAUD-USD @ 0.9793/96...Might rise further

R: 0.9815 / 0.9900 / 0.9945
S: 0.9770 / 0.9720-00 / 0.9668

Aussie is continuing to trade higher but flat in between 0.9770 and 0.9815. With no significant move seen on either side during the day our view remains the same. The storng rise above the 100-Week-MA (0.9668) has eased the immediate threat of seeing 0.9250 on the downside. Support is seen in 0.9720-00 region and while above this Support region, we see good chances of the upmove extending further to 0.9900 or even higher in the coming sessions/days. We will have to wait and see how the market closes for the week today.

 

Happy Trading!