|USD-CHF @ 0.7859/62...Might test its Support at 0.7770|
R: 0.7900 / 0.8000
Dollar-Swiss failed to see a strong break above the 200-MA on the 4-hr chart (currently at 0.8802) and fell sharply from its high of 0.8018. Although it has bounced back from its low of 0.7823, it is not gaining upside momentum to rise past 0.7900. While below 0.7900, a test of its Support at 0.7770 looks likely in the coming sessions. A break below 0.7770 would take it further down towards 0.7700. On the other hand a strong break above 0.7900 will see a test of 0.8000 once again.
|GBP-USD @ 1.6534/07...Important Resistance at 1.6550.|
Cable dipped to a low of 1.6348 and has risen sharply from there breaking above its Resistance at 1.6475. It is now trading above 1.6500. Significant Resistance is seen at 1.6550 which is expected to hold. The high recorded so far is 1.6531. A pull back to would test 1.6475 first and a further break below 1.6475 would take it further down towards 1.6400-6350. If 1.6475 holds during the pull back then there could be chances of seeing further higher levels going forward.
We got stopped out of the Short position entered at 1.6445 losing 70 pips and we booked a total profit of 38 pips from the short positions entered at 1.6468 and 1.6440.
|AUD-USD @ 1.0563/66...Resistance at 1.0585|
R: 1.0585 / 1.0650
Aussie has risen above its Resistance at 1.0550 which we expected to hold. The next Resistance is at 1.0585 which is holding as of now. A strong break above 1.0585 would take it further up towards 1.0650. Note 1.0646 is the 21-Week-MA Resistance level. On the other hand while 1.0585 holds, a pull back to 1.0500-0450 is possible. We will have to wait and see what happens.
We got stopped out of our Short position entered at 1.0460 losing 40 pips.