|USD-CHF @ 1.0423/26...Trading near immediate Resistance region (1.0430-50)|
R: 1.0430-50 / 1.0500-20 / 1.0540-60
Swiss has risen during the day and is now heading towards 1.0430-50 as expected. A strong break above 1.0450 might take it further up towards 1.0520. On the downside immediate Support is seen at 1.0385 a break below which might pull it down towards 1.0300. As mentioned earlier, We will have to wait and watch to see whether a pull back might be seen from the immediate Resistance region 1.0430-50 to keep the broader downtrend intact or a reversal is in process.
|GBP-USD @ 1.6275/78...Support at 1.6194|
R: 1.6325-47 / 1.6405 / 1.6532
Cable has traded lower during the day. Further fall is likely to lead to a test of 8-week MA which is at 1.6194 currently over today/ tomorrow. Such a fall is likely to be the end of the correction of the rise from 1.5896 (7 Jan) to 1.6458 recorded yesterday. If so, the pair may thereafter start moving up. In case of a dip below 8-week MA, the 21-DMA at 1.6104 may provide ample Support going forward.
The Projected Max High and Low for the day is at 1.6405 and 1.6219 respectively. We had been stopped out of the Long entered at 1.6350 losing 70 pips.
|AUD-USD @ 0.9130/33...Trading near immediate Support region (0.9120-00)|
R: 0.9210-30 / 0.9280 / 0.9330
Aussie is continuing to trade lower and has moved down towards the Support in 0.9120-00 region. If this Support region holds, we might see a bounce back once again towards 0.9220-50. However, if the the current downside momentum continues, a break below 0.9100 might pull it further down towards 0.9000. Remember 0.9017, the 61.8% Fibonacci Fan line Support [obtained by joining 13-Mar-09 low (0.6304) and 03-Jun-09 high (0.8240)] and 0.8994 (21-Week MA) are the significant Support levels seen below 0.9100.