|USD-CHF @ 0.9317/20...Weak|
|R: 0.9330 / 0.9350-60 / 0.9410 /0.9460|
S: 0.0.9300 / 0.9250 / 0.9120
The pair has traded flat through the day in the 0.9320-00 range and continues to struggle to move up and is facing resistance at 0.9320 itself. We maintain our view that the pair is in a down trend and we expect it to continue targeting 0.9250 and 0.9120 in the coming days, but after a good fall yesterday it might take breather and can retreat on the back of profit booking/bottom fishing towards 0.9360 and 0.9400 (not very likely), which would be a good selling opportunity. Hence the call is to look for selling on rallies.
Limit Sell Order:
Sell USD 10K at 0.9345, SL 0.9410, TP 0.9165
|GBP-USD @ 1.6189/92...Trading in the 1.6190-70, May break lower|
|R: 1.6200 / 1.6250 / 1.6300|
S: 1.6140 / 1.1.6080 / 1.5980
Cable has also not moved much through the day and has traded flat in the 1.6190-70 range and it is difficult to take a call as to in which direction it will break. Our view remains the same that 1.6250 and 1.6300 are good resistances which if crossed convincingly only then can the pair move up, till then there are good chances that it will resume its journey south. The short term charts look bearish and a break below 1.6160 and a close below the same will be bearish and then a down move can be seen soon.
GBP 10K Short at 1.6140, SL 1.6210, TP 1.6020
|AUD-USD @ 1.0251/54...Bearish|
|R: 1.0330 / 1.0370 / 1.0435|
S: 1.0230 / 1.0200 / 1.1100 / 1.0000
Aussie after rising in the morning to about 1.0270 took resistance and is now dipping lower towards its next support of 1.0230. The over all picture is definitely bearish but it is tough to take a call if the pair will start moving lower from here it self or after testing 1.0400-30. We would be waiting for higher levels to sell the pair. A fall from these levels can take the pair towards 1.0100 and even 1.0000.
This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service