USD-CHF @ 1.1746/49...Range 1.1650-1765
R: 1.1765-85 / 1.1815 / 1.1862
S: 1.1675-50 / 1.1600 / 1.1550
Dollar-Swiss has been trading within a range of 1.1650-1765 so far during the day. This range can hold for another few hours, possibly widening to 1.1650-1785.
Overall, Dollar-Swiss remains in an uptrend at the moment, with seminal Support at 1.1571. At the same time, it continues to face Resistance at 1.1780 and 1.1819 and does not seem to have the strength to break through the Resistance immediately. Taking a look at the Weekly Candles, we see that this pair has been moving up for the last 7-8 weeks, rising from the low of 1.0373 seen on 29-Dec. That is a 13.56% gain. Take a look at
Given this scenario, unless Dollar-Swiss manages to rise past 1.1815, preferably past 1.1900, this week or early next week, it could be vulnerable to a corrective fall towards 1.14-13.
Cable GBP-USD @ 1.4182/86...Big move building up?
R: 1.4296 / 1.4314-30-51 / 1.4401-20
S: 1.4195-75 / 1.4143-25 / 1.4093
The Pound fell to an intra-day low near 1.4095 after having first risen to an intra-day high near 1.43. The Support at 1.4075 has held and the Pound has moved back up to 1.42, on a lack of follow-through selling.
We have now had a narrow sideways range for the last 4-5 days and a big move, either up towards 1.4750 or down towards 1.3750 could be building up. Which way the cookie will crumble is difficult to say.
Aussie AUD-USD @ 0.6379/81...Buy on further dip
R: 0.6420-35 / 0.6475
S: 0.6355-35 / 0.6290
The Aussie did not extend the morning's upmove. Rather it has come off and our Long at 0.6424 has been stopped out at 0.6380. It is to be seen whether the fall will extend towards the stronger Support region of 0.6335-6290. The latter being the projected Max Low for the Day, a fresh Long could be attempted there.
Limit Buy Order:
- Buy AUD 20K at 0.6300, SL 0.6275.
- TP 0.6344 for AUD 10K
- TP 0.6475 for AUD 10K
Kshitij Consultancy Service
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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.