"Swiss"USD-CHF @ 0.7940/43...Bearish

R: 0.8000 / 0.8045-50
S: 0.7850-25 / 0.7780

Dollar-Swiss fell sharply breaking below the psychological level of 0.8000 last week. Although its has opened gap up today, the broader bearish outlook remains intact with strong Support-turned-Resistance at 0.8000. We expect Seller to come in at 0.8000 levels as such we will be looking to sell this week near 0.8000. On the downside, 0.7825 and 0.7780 are the Support levels seen. Other than these two Support levels, there is no other specific Support available and the downside is open.

 

Trade ideas for the week:
1) Sell at 0.8000, SL 0.8060, TP Open

"Cable"GBP-USD @ 1.6444/47...Bullish

R: 1.6450 / 1.6500
S: 1.6350 / 1.6300 / 1.6250

Although Cable fell from its 1.6435-50 Resistance region last week as expected, the 21-Week-MA (currently at 1.625) gave a very good Support and Cable has risen sharply to close above 1.6400 for the week. With this sharp bounce, the threat of a Trend reversal which we had mentioned last week has eased. Cable now looks bullish for further rise to 1.6650-6700-6750 in the coming days/weeks. On the downside Support is seen in 1.6350-00 region which is expected to hold. A dip to this Support region if seen can be considered for taking Long position.

 

Trade ideas for the week:
1) Buy at 1.6300, SL 1.6230, TP Open

"Aussie"AUD-USD @ 1.1056/59...Important Resistance in 1.1130-50 region

R: 1.1075 / 1.1130-50
S: 1.100 / 1.0950 / 1.0800

Aussie is retaining its strength. It has found good Support near 1.0900 last week and has bounced back well above 1.10 once again. Important Resistance is seen in 1.1130-50 region and a test of it looks likely this week. An immediate break above 1.1130-50 might not be seen and a pull back can be seen in 1.1130-50 region. Support is seen at 1.0950 and a strong break below it would trigger further downmove to 1.0800. This 1.0800 is a very strong Support level and is expected to hold. Overall we will be looking for a range of 1.0800 on the downside and 1.1150 on the upside.

 

Trade ideas for the week:
1) Sell at 1.1135, SL 1.1185, TP 1.0970
2) Buy at 1.0820, SL 1.0760, TP Open
Happy Trading!