USD-CHF @ 1.0618-21...Still at the bottom of the Range

R: 1.0652 / 1.0710-26 / 1.0810
S: 1.0596-85 / 1.0487 / 1.0418

USD-CHF seems hesitant to break the last stage of the 'Range' as it struggles between bulls and bears right at the nadir of 1.0585. If the pair decides to stay in the 'Range' it faces multiple Support-turned-Resistance levels at 1.0652, 1.0710-26 and 1.0810 as mentioned in the morning. However on the downside, the fall can be sharp towards 1.0487 and 1.0418. 'Range' for USD-CHF is between a Low of 1.0585 and a High of 1.1022 in which it has traded for the past 10 weeks.

Cable GBP-USD @ 1.6944...Trendline Resistance at 1.7000-50

R: 1.7000-30 / 1.7136 / 1.7519
S: 1.6908 / 1.6850-20 / 1.6779

Cable has been very narrowly ranged during the Asian session between 1.6915-1.7007 as it has taken Resistance near an important region of 1.7000-30. If this region were to break, the pair could be very bullish for a rise towards 1.7130 next and towards 1.7519 eventually. But if this strong and important Resistance holds, we may see an initial dip towards 1.6850-20 and further towards 1.6779 (which is the Projected Max Low for the day). Things look mixed at the moment and a lot depends on the 1.7000-30 Resistance region.

Holding:

  • GBP 10K Long at 1.6974, SL 1.6910 (up from 1.6880), TP 1.7100

Aussie AUD-USD @ 0.8400-03...At a major Support

R: 0.8456 / 0.8491-0.8500 / 0.8553
S: 0.8380 / 0.8351-43 / 0.8302

As expected, Aussie moved towards its Support of 0.8380 and made a Low of 0.8387. The pair is apparently taking Support from this region and has been trading sideways. To re-iterate the rally may continue if the pair bounces back from the 0.8380 in which case 0.8456 can act as an intermediate Resistance while Resistance at 0.8491-0.8500 (which is the 61.8% retracement of the huge downfall from a High of 0.9848 on 13/07/08 to a Low-cum-Support at 0.6327 on 05/10/08) will be a major one to cross. Resistance-turned-Support at 0.8351-42 is a strong floor on the downside, if the current levels of 0.8380 are broken.

Limit Buy Order:

  • Buy AUD 10K at 0.8389, SL 0.8329, TP 0.8491