USD-CHF @ 0.8958/61...Can fall further
R: 0.9030-60 / 0.9150 S: 0.8900 / 0.8850 / 0.8800-8760
After being ranged between 0.9080 and 0.9150 initally last week, Dollar-Swiss witnessed a sharp fall to close lower below the psychological level of 0.9000 for the week. Immediate Support is there at 0.8900 and then significant Supports seen at 0.8850, 0.8800 and 0.8780-60 region. Strong Support is seen in 0.8780-60 region which includes 0.8779 on the weekly chart, 0.8771 - the 200-DMA and then 0.8760 on the Monthly chart. Having said this a break below 0.8780-60 Support region might not happen in its first test and a bounce back is possible from this Support region. A strong bounce from this Support region can see 0.9000-9100 on the upside. On the other hand if an immediate bounce back happens in the inital days of the week, then the 0.9030-60 Resistance region will have to be watched. The pair needs to rise past this Resistance region to ease the downside pressure. A pull back from this 0.9030-60 Resistance region can be shorted.
Trade ideas for the week: 1) Sell rallies to 0.9030-60 2) Buy on dips to 0.8780-60 Support region
GBP-USD @ 1.5858/61...Ranged
R: 1.5900 / 1.6000 / 1.6100 S: 1.5800 / 1.5750 / 1.5650
The Support at 1.5650 has held very well last week as well and Cable had risen back sharply towards 1.5900 from its low of 1.5648. Broadly the pair is ranged betwee 1.5650-5900 over the last few weeks. We will have to wait for a breakout of this sideways range. An upside break above 1.5900 can take the pair further up towards 1.6100. On the other hand, any fall below 1.5650 can be restricted to 1.5550 which is a strong Support level seen below 1.5650. We will have to wait and see what happens.
No trade ideas for the week as of now.
AUD-USD @ 1.0688/91...Bullish
R: 1.0750 / 1.0800 S: 1.0600-580
Aussie is broadly ranged between 1.0600-0800 over the last couple of weeks. We see a Bull flag on the daily chart and the Support of this flag would come in the 1.0600-580 region. Having said this, dips to 1.0600-580 can be bought. The bigger picture is still bullish and a strong rise past 1.0800 would target 1.10 on the upside.
Limit Buy Order: Buy AUD 10K at 1.0620, SL 1.0540, TP Open Happy Trading!