SwissUSD-CHF @ 0.8797/800...Might test the 200-DMA Support level (0.8721)

R: 0.8860-85 / 0.8930 / 0.9000
S: 0.8770 / 0.8720

Dollar-Swiss fell sharply during the day from its high of to test 0.8800 on the downside. Technically the Resistance in 0.8860-85 region has held well and is keeping alive the chances of testing the 200-DMA (0.8721) on the downside. It needs to be seen what happens after testing the 200-DMA Support levels. Whether the 200-DMA Support levels breaks or holds will determine the further direction of move. A strong break/close below the 0.8700 could trigger further fall to 0.8500.

 

We exited the Short position entered at 0.8845 with a loss of 25 pips.

CableGBP-USD @ 1.6021/24...55-DMA Support held well

R: 1.6050 / 1.6139 / 1.6200
S: 1.5965 / 1.5877 / 1.5800

The 55-DMA Support (1.5877) held well during the day and Cable has risen sharply during the day from its low of 1.5876. It is now trading above 1.6000 and if it can sustain above 1.6000, a further rise to 1.6080-6100 is possible in the US session today. Also while above above 1.6000, we see good chances of the upmove extending further 1.6139 (200-DMA) and even 1.6200. We will have to wait and see what happens.

 

We booked a loss of 58 pips from the Short position entered at 1.5890

AussieAUD-USD @ 1.0378/81...Important Resistances ahead

R: 1.0409 / 1.0424 / 1.0500
S: 1.0300 / 1.0250 / 1.0200

Contrary to our expectation, Aussie witnessed a sharp rise during the day and is now trading strong above 1.0300. The important 200-DMA (1.0409) and the 100-DMA (1.0424) Resistances are ahead which needs to be watched. A strong rise past these Resistance could take the pair further up towards 1.0500 in the coming sessions. While the 200 and 100 DMA Resistances holds, a pull back to 1.0250-00 is possible once again. We will have to wait and see what happens.

 

We got stopped out of our Short positions entered at 1.0237 and 1.0300 losing a total of 128 pips.

Happy Trading!