"Swiss"USD-CHF @ 0.7702/05...Might rise further. Stay away

R: 0.7750 / 0.7800 / 0.7850
S: 0.7650 / 0.7600 / 0.7550

Dollar-Swiss has risen further. It broke above the 0.7730-50 Resistance region, but has come off from its high of 0.7767. It is not showing much strength on its downmove and as such a strong rise past 0.7750 would take it further up towards 0.7800-50 in the US session today. On the downside Support is seen in 0.7600-7550 region. We would stay out of the market and see how does the pair closes for the week today to get a clear picture on the further direction of move.

"Cable"GBP-USD @ 1.6260/64...Resistance at 1.6300

R: 1.6300 / 1.6400
S: 1.6225-00 / 1.6150 / 1.6100

Cable witnessed a sharp rise during the day, but failed to rise past 1.6300 and has come off from its high of 1.6297. A strong break above 1.6300 will ease the downside pressure slightly and would increase the chance of a rise to 1.6400-50 going forward. But the broader picture is bearish. We will have to wait and see how the market closes today for the week.

"Aussie"AUD-USD @ 1.0331/34...21-MA (1.0272) on the 4hr chart giving good Support.

R: 1.0400 / 1.0500
S: 1.0272 / 1.0200

The 21-MA on the 4-hr chart (currently at 1.0272) is giving good Support for Aussie since the late US session yesterday. However, still Aussie is not gaining strength for a strong rise above 1.0300. A test of 1.0400 looks likely while above 1.0300. Whether the upmove can extend further up to 1.0500 is a question. Today's close will be very significant and it will have to be seen whether Aussie manages to close above the 200-DMA (1.0307). We are removing the Limit Sell order palced in the morning and we would wait and watch how does the market closes today.


Happy Trading!