|USD-CHF @ 0.9370/73...0.9400-10 holds the key|
|R: 0.9400-10 / 0.9460|
S: 0.9365 / 0.9310 /
The pair continued moving up towards its 200 EMA and the upper channel resistance on the four hour charts at 0.9365-70 and in fact has crossed it and is trading higher currently. The fact that Euro has also dipped and is currently below 1.2900 has added strength to the Swiss. This up move in Swiss can stretch itself further to 0.9400-10 which is its trend line resistance on the daily charts which if crossed then a further rise to 0.9460 can be seen. Also that Euro has support at 1.2875 on the daily charts which also has to be watched carefully, if this is held we can see Swiss starting its next leg down from these levels its self.
USD 10K Short at 0.9375, SL 0.9435, TP 0.9230
|GBP-USD @ 1.6112/15...Ranged|
|R: 1.6160-70 / 1.6225 / 1.6250-60|
S: 1.6100 / 1.6050 / 1.5990
The pair has been trading in the tight downward trending channel which can also be called as a bull flag on the four hour charts, but the fact that it is near its resistances on the daily and the four hour charts makes us think that in the immediate term it should touch 1.6050 on the before any further move. The bigger picture on the daily will become clear as to Cable moves up to 1.6250 or dips lower depending on if it hold 1.6160 or breaks it.
GBP 10K Short at 1.6100, SL 1.6135, TP 1.6055
|AUD-USD @ 1.0338/41...Mixed|
|R: /1.0360 / 1.0400 / 1.0430 / 1.0500|
S: 1.0360 / 1.0285 / 1.0225
The pair has been silent through the day and has not done much but has traded sideways after taking support on the trend line on the daily charts near 1.0300. But this bounce can be short lived as it has resistance at 1.0350 on the short term charts and also at 1.0390. The pair seems to be in the 1.0600-150 range on the daily charts and we maintain a downside bias for the pair but only after the break of this range before which if 1.0430 is crossed then a rise to 1.0550 is also possible. On the other hand if 1.0300 is broken 1.0225 can be reached which is its Fibonacci on the daily charts.
This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service