|USD-CHF @ 0.9291/94...Rise to 0.9350-80 looks likely|
|R: 0.9350 / 0.9400 / 0.9460|
S: 0.9300 / 0.9270 / 0.9215 / 0.9180
As mentioned in the morning the pair was over sold and we were expecting a bounce back/Short covering which is currently carrying the pair up towards 0.9350. The bigger view remains bearish on the pair and once this short covering rally is over we can see the bearish trend continuing and taking the Dollar-Swiss lower. As expected the Dollar index (80.32) has recovered a bit and can go further up towards 80.50. Euro (1.2941) has slipped and can dip further towards 1.2900 where it might well be bought again. So we are looking at 0.9350 on Swiss.
USD 10K Long at 0.9290, SL 0.9265 (up from 0.9240), TP 0.9370
As soon as the market trades 0.9350 move TSL to 0.9300, as soon as market trades 0.9360 move TSL to 0.9330
|GBP-USD @ 1.6028/31...Mixed|
|R: 1.6050 / 1.6080 / 1.6160|
S: 1.5990-85 / 1.5910 /
The pair has dipped a bit and is currently trading near its support on the short term charts. The bigger picture still remains mixed as the candles on the daily and the weekly are both indecisive. The picture was looking hopeful for a rise in the morning but now its not clear. It is advised to stay out till a clear trend and direction is seen. A strong move above 1.6050 will be bullish for a further rise towards 1.6080 and 1.6160. On the other hand a move below 1.5990 will mean that levels of 1.5910 are likely to be seen again.
We booked a loss of 2 pip on the long entered at 1.6025.
|AUD-USD @ 1.0480/83...Can rise further towards 1.0550-70|
|R: 1.0500 / 1.0570 / 1.0620|
S: 1.0440-30 / 1.0400-380 / 1.0280
The pair has not moved much through the day as it traded in the 1.0490-70 range. Aussie still looks bullish for a further rise towards 1.0575 but only after it breaks its 1.0500-05 on the upside. The 1.0480-280 range still holds but looks good to be broken on the upside as the pair looks strong. The bigger 1.0620-150 range continues to hold on the daily charts and we would be looking to sell at upper end of the range with a tight stop. On dips Aussie is expected to find support at 1.0430-00 levels.
This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service