Forex Trading ideas for USD/CHF, GBP/USD and AUD/USD

R: 1.0615-35 / 1.0700 / 1.0824 S: 1.0471 / 1.0400-384 / 1.0348

We continue to hold our morning view on the pair.

Dollar-Swiss honoured the 200 DMA Resistance (1.0643) and is currently trading lower. We see chances of the pair move down towards 1.0550-00 in the coming sessions over today and tomorrow, followed by another rally towards 1.0600-50 over the next couple of days.

We see good chances of the pair hoouring the Support at 1.0550-00 and going long at those levels with a tight stop may be considered.

Holding: USD 10K Short at 1.0588, SL 1.0660, TP 1.0550 (changed from 1.0480)

Limit Buy Order: Buy USD 10K Long at 1.0550, SL 1.0480, TP Open Buy USD 10K Long at 1.0400, SL 1.0335, TP Open

GBP-USD @ 1.5570/73...Ranged

R: 1.5555-60 / 1.5600 / 1.5635 S: 1.5487-66 / 1.5400 / 1.5345

As expected, Cable touched a high of 1.5626 and is currently trading below the 1.56 figure. We may see the pair move in a narrow range of 1.5551 (200 DMA) and 1.5636 (the 100 Week MA and the 50% retracement of the fall from 1.7042 (Aug-09) to 1.4227 (May-10)) before a break on the either side is visible. We will prefer staying out of the market before we see a confirmed a break on the either side.

AUD-USD 0.8946/49...May dip towards 0.8900-875

R: 0.9000 / 0.9045 / 0.9093 S: 0.8900 / 0.8862-42 / 0.8800

Aussie has not moved much in the European session today after falling steeply in the US session yesterday and the Asian session today. The pair touched a low of 0.8922 and is currently trading higher. We still see good chances of the pair falling towards 0.8900-875 in the coming sessions over today and tomorrow, which may hold followed by some rally towards 0.8950 tomorrow.

Happy Trading!