USD-CHF @ 1.1678/82...Holding Long
R: 1.1708 / 1.1750 / 1.1807
S: 1.1675-60 / 1.1594 / 1.1548
The intra-day Support at 1.1630-00 has held well so far. In fact, the market has remained above 1.1600 through the day so far. As such, the chances of a rise towards 1.18 look good for now. Overall too, Dollar-Swiss continues to maintain its uptrend, with Support at 1.1550-30. Buying on dips to 1.1600 and 1.1550 might be worthwhile.
USD 10K Long at 1.1682, SL 1.1645, TP 1.1777. As soon as the market trades 1.1715, bring SL up to 1.1660.
Cable GBP-USD @ 1.4239/44...Intra-day Support at 1.4135
R: 1.4281 / 1.4305-50
S: 1.4150-35 / 1.4035
In the morning, we had said that while the intra-day Support at 1.4135 held, there was a possibility of a rally taking place. The intra-day low has been 1.4150 so far and the Pound has indeed rallied from the morning level of 1.4213. In fact, it had risen to an intra-day high of 1.4281.
With 1.4135 established as a decent Support for now, a rally towards 1.45 could be seen over the next couple of days.
That said, the Pound is bearish in the bigger picture. It is trading in a downward channel, coming down from the high of 1.6675 (30-Oct) to a low of 1.3503 (23-Jan). Take a look at the Daily Candles at
The intra-day Resistance is at 1.4305-50, and the intra-week Resistance is at 1.4750. While these hold, there is a decent chance of seeing a fall towards 1.3750, or lower, by next week. However, given the propensity for high intra-day volatility in the Cable, one would have to be prepared to see an intra-day or intra-week rally towards 1.45 before the fall towards 1.3750 starts.
Limit Buy Order:
Buy GBP 10K at 1.4179, SL 1.4110, TP 1.4392
Aussie AUD-USD @ 0.6495/6505...Ranged now, bearish overall
R: 0.6515 / 0.6548 / 0.6570 / 0.6593
S: 0.6469 / 0.6432 / 0.6409
In the overall big-picture, the Aussie is in a downtrend since the Jul-08 High of 0.9851, and has a Resistance at 0.6750-6850, as can be seen on the Weekly Candles on the following page:
Since the low of 0.6007 seen on 27-Oct, however, the Aussie has seen a bit of sideways correction, moving up to a high of 0.7272 on 07-Jan. This mild uptrend provides Support at 0.6300-6250.
In the immediate timeframe, therefore, the Aussie is ranged between 0.6250-6850. This range can last through this week, and into next week as well. But eventually the range will have to break. And, unless the Aussie can close above 0.6800-50 in the next couple of weeks, the danger would be for a break below 0.6250.
IN CASE of a rise past 0.6850, though, the Aussie could then target 0.7400.
Buying a Put on an intra-week rise towards 0.6700-50 might be considered.
Kshitij Consultancy Service
Legal disclaimer and risk disclosure
These views/ forecasts/ suggestions, though proferred with the best of intentions, are based on our reading of the market at the time of writing. They are subject to change without notice.Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. Those acting in the market on the basis of these are themselves responsibly for any profits or losses that might occur, without recourse to us. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.