|USD-CHF @ 0.7656/59...Ranged|
|R: 0.7700 / 0.7800|
S: 0.7650-30 / 0.7600
Dollar-Swiss spiked to a high of 0.7737 during the day and has come off from there. Our view remains the same. Broadly the pair is ranged between 0.7600-7800 over the last few days, and a break out of this range would determine the further direction of move. The bigger downtrend still remains intact with strong Resistance near 0.7900 and the downside threat is still there despite the SNB's rate cut and warning to arrest the strength of the Swiss Franc. We will have to wait and see how the market closes for the week today and our bias remains bearish while below 0.7900.
|GBP-USD @ 1.6287/90...Ranged with bearish bias.|
|R: 1.6300 / 1.6355 / 1.6400|
S: 1.6225-20 / 1.6100 / 1.6050
Cable is continuing to trade higher above its range Support at 1.6225. However, it is not gaining upside momentum to see a strong rise past 1.6300 which keeps the pair pressured on the downside and leaves high chances of seeing a downside breakout of the 1.6225-6475 sideways range. A strong break below 1.6225 would take it further down towards 1.6100-6050 in the US session today. On the other hand, while 1.6225 holds, we might see the pair to retain this range for some more time. However, our bias remains bearish as the pair failed to sustain above 1.6450 this week and we expect a downside breakout of the current sideways range.
|AUD-USD @ 1.0454/57...Trend Reversal?|
|R: 1.0500 / 1.0550 / 1.0600|
S: 1.0425 / 1.0300 / 1.0250
Aussie is continuing to trade below 1.0500 and is ranged between 1.0425-0500 today. Lack of strength to see a strong bounce is keeping the pair pressured on the downside. As mentioned in our morning comments today, a close below 1.0500 will be very bad and it would also signal a trend reversal of the strong upmove since Jun-10. While below 1.0500, a further dip to 1.0250-00 is on the cards. We will have to wait and see how the market closes for the week today.