SwissUSD-CHF @ 0.9352/55...Break of 0.9315-00 will be bearish
R: 0.9365-400 / 0.9460
S: 0.9310-00 / 0.9210-00 / 0.9100

The pair through the week has moved up even though the bigger trend remains bearish mostly on the back of short covering and as we say that it has gone too far too early, Euro also moved lower and looks that it has taken good support on the daily charts on the trend line of the triangle on the daily charts at 1.2875 and looks good to move up from here. The situation right now suggests that Swiss should start its down trend from here on and it can move towards 0.9310-00 which if broken can take it lower towards 0.9210-00 in the coming days. There is good chance that the momentum from here on increases as from here on and we can see swift moves on the lower side. The candles on the daily and weekly show that the mood is indecisive with respect to the immediate preceding trend that has been positive from the past two week and in such a case the continuation of the bigger trend remains a bigger possibility.

USD 10K Short at 0.9375, TSL 0.9370 (Down From 0.9435), TP 0.9230

Limit Sell Order
Sell USD 10K at 0.9395, SL 0.9470, TP Open
CableGBP-USD @ 1.6082/85...Mixed
R: 1.6110-50 / 1.6225 / 1.6300
S: 1.6080 / 1.6000 / 1.5910-00

The pair has been positive through the week as it has moved up 94 pips after taking support at 1.5910 which is a Fibonacci on the daily charts. The Friday candle for the pair is indecisive and is a Doji on the daily charts and a conform move on the up side will emerge only on a move above 1.6150 which can then take the pair towards 1.6225 and 1.6300 which is its next resistance on the four hour charts as well as on the daily charts on the other hand a down move will only occur on a break below 1.6080 which can then take it towards 1.6000 and 1.5910 both of which are Fibonacci on the daily.

AussieAUD-USD @ 1.0357/60...Mixed
R: 1.0400 / 1.0430 / 1.0530-40
S: 1.03010-00 / 1.0225 / 1.0150

The pair has moved up through the week after finding support at 1.0225 on Tuesday which is its Fibonacci level on the daily charts, on the way up it has faced resistance at 1.0375-400 which would not be crossed, the picture is mixed and the way forwards it a bit difficult to predict as the short term and also the bigger picture both are looking mixed. Having said that a conform and a strong move above 1.0375-400 can take it towards 1.0550 and a move below 1.0315-00 will open doors for a slide to 1.0225 which if broken can then show us levels of 1.0145 soon. So we will have to wait and watch for a move in either direction in the coming days. Still my bias would be for the break on the down side, as such risky bet for fall from 1.0400 levels can be entered for a short position can be made with a tight stop above 1.0430.

Happy Trading!


This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service