As expected the market is continuing to remain flat ahead of today's US NFP data release which is due in some time. Since nothing much has happend during the day we are repeating our Morning Comments. Also, as mentioned in the morning, we will wait and watch how the market moves and closes for the week today after the NFP data release to get clear idea on the direction of move going forward and we will not be taking any fresh trades today
|USD-CHF @ 0.9525/28...Bullish|
R: 0.9540 / 0.9600
Dollar-Swiss has risen above its Resistance at 0.9520 and remains strong overall. 0.9600 will now be the next significant Resistance level to be watched for and a strong break above it will open the doors for a test of parity on the upside. 0.9400 will now be a strong Resistance-turned-Support level which is expected to hold if a pull back is seen from current levels.
|GBP-USD @ 1.5510/13...Can test 1.5400 on the downside|
R: 1.5500 / 1.5550-70 / 1.5600
Cable is not gaining strength to bounce back above 1.5500 and remains weak for a test of 1.5400. Any strong bounce above 1.5500 would face significant Resistance in 1.5550-70 region which could restrict further rise. Overall we expect the pair to remain weak and we expect a fall to 1.5400 during the day.
We exited the Short position entered at 1.5500 with a loss of 10 pips.
|AUD-USD @ 1.0244/47...Ranged|
R: 1.0300 / 1.0375-400
Aussie is ranged between 1.0200-0300. The overall picture is weak. Note 1.0207 is the 21-Week-MA and a break below it can take it further down toward 1.0100-0085. Any bounce back would continue to face Resistance near 1.0300 and we expect the pair to remain below 1.0300 atleast until the US session. We will have to wait for a breakout of this 1.0200-300 range.