|USD-CHF @ 0.9258/61...Can fall after a rise to 0.9300-30|
|R: 0.9300 / 0.9330 / 0.9400|
S: 0.9200 / 0.9120-00
The pair was bearish for the first half of the week when it broke out of its triangle pattern on the daily charts on the down side at 0.9290 and continues its bearish move till 0.9210 where it found the trend line support on the daily charts and bounced back. For the coming week we can expect the pair to take resistance in the broad 0.9300-50 region and move lower towards 0.9210 once again and even to 0.9110 as the bigger trend remains bearish and the down side target for the triangle is 0.9110. We do not expect it to break 0.9350 on the upside which if at all broken can take the pair towards its next significant resistance of 0.9400 which is its 200 EMA on the daily charts. We maintain our bearish view on the pair.
Limit Sell Order
Sell USD 10K at 0.9335, SL 0.9415, TP 0.9225
|GBP-USD @ 1.6032/35...Bearish but can rise to 1.6200 before falling further|
|R: 1.6060-80 / 1.6160 / 1.6250|
S: 1.5990-80 / 1.5910 /
The pair traded in a typical top making pattern by making a Doji at the top on the daily charts and then giving a big black day and then sliding down further. On the move up it faced resistance at 1.6160 on the daily charts on closing basis and then moved lower. For the coming week we can see the pair moving up towards 1.6080-100 on short covering and then again moving lower towards 1.6000 and even towards 1.5910 which is its next support on the daily charts. The momentum has not picked up yet but will do so and then we can see it moving swiftly lower. The weekly charts also look bearish with significant down side towards 1.5700 till it stays below 1.6100-50. We would be looking to short the pair on the rise to 1.6150.
Limit Sell Order
Sell GBP 10K at 1.6115, SL 1.6175, TP 1.5930
|AUD-USD @ 1.0325/28...Mixed but chances of a dip to 1.0270 and 1.0230 are slightly more|
|R: 1.0330 / 1.0375 /|
S: 1.0270 / 1.0225 /
As mentioned last week the pair did move up towards 1.0375 to take resistance and then has started to move lower and can fall towards 1.0270 on immediate basis which if broken can then make the pair bleed even more and then will target 1.0230, the chances of this happening are definitely more and the view is slightly bearish also the momentum is good and the fall can be swift. On the upside there are important Resistances at 1.0375-80 and then near 1.0430. Only a strong rise past 1.0430 can open any chances of any further upmove towards 1.0550. Hence for the week, we would say that the upside could be capped at 1.0430. If we see an even bigger picture it is trading in a triangle on the weekly charts with fifth wave target of 0.9700 in the coming months. We would look for a selling opportunity in the coming week if 0.9430 continues to hold.
This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service