USD-CHF @ 1.0487/90...Mixed
R: 1.0480-95 / 1.0530 / 1.0570
S: 1.0460 / 1.0440-20 / 1.0380
Swiss continued to trade above 1.0450 in the US session yesterday and is trading in the Resistance region 1.0480-95 in the Asian session today. Though it is trading above 1.040 over the last few days, the pair is struggling to see break above 1.050 which is still keeping the broader bearish sentiment still alive. A strong break above 1.050 might test the Resistance 1.0530 during the day. A break above 1.0530 might take it further up towards 1.0570. However, if it fails to see a break above the Resistance in 1.0480-95 region, and gains downside momentum we might see a downmove towards the Support in 1.0440-20 region. Overall the pair is still looking mixed.
|GBP-USD @ 1.5946/51...Bearish|
R: 1.6015 / 1.6075 / 1.6180
Cable has broken below the 200-DMA and is now trading lower. Though the Support at 1.5930 mentioned earlier held, the pair continue to remain pressured on the downsid. As mentioned earlier, if it continues to trade below 1.6000, we might see further dip towards 1.57-56 over the next few weeks. On the other hand any sharp upmove is not looking likely now and we may expect the Resistance at the 200-DMA (Support-turned-Resistance currently at 1.6015) to hold during the day. However, a strong break above this Resistance might see a rise towards 1.6100
|AUD-USD @ 0.8760/63...Might test the Support at 0.8700|
R: 0.8777 / 0.8835-65 / 0.8920
Aussie has broken below the Fibonacci Fan line Support (currently at 0.8777) as expected and is now trading slightly lower. As mentioned ealier we might see a downmove towards 0.8700 in the coming sessions. Remember 0.8700 is a significant Support level seen on the monthly chart. We may expect a bounce back from this Support level. However, if it continues to trade strong on the downside, a break below 0.8700 might pull it further down towards 0.8600-0.8575. Any sharp upmove is not looking likely now and we expect the Resistance in 0.8835-65 region to hold if any bounce back is seen during the day.
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