|USD-CHF @ 0.9390...Bullish|
R: 0.9470-80 / 0.9512
Dollar-Swiss has risen well breaking above 0.9300 last week as we had expected. However, it failed to extend its upmove above 0.9500 and came off towards the end of the week. The overall picture is still bullish, but we are not sure as what would be the extend of the current pull back move from 0.9500. We see good Support in the broad 0.9350-00 region and then at 0.9259 (100-Week-MA). Good chances that the 0.9350-00 Support region to hold. A bounce back from this 0.9350-00 Support region can take the pair up once again to 0.9500 level. 0.9512 will be an important Resistance level to be watched for this week. A strong break above this Resistance will open doors for a strong rally to 0.9900-1.0000 going forward. As of now we do not see any serious downside threat and we expect the 100-Week-MA (0.9259) Support to hold if a break below 0.9300 is seen during the week.
Trade ideas for the week:
|GBP-USD @ 1.5834...Can fall further|
R: 1.5900 / 1.6000-30
Cable tanked last week from its high of 1.6122 breaking below its important Support near 1.5970 that we expected to hold. This sharp fall is signalling a reversal of the upmove since Jan-12. It needs to be seen whether the pair manages to sustain above 1.5800 this week or not. If it does there could be chances of seeing a bounce back move towards 1.6000-30 which is an important Resistance region to be watched. Only a strong break/close above 1.6030 will wipe out the downside threat. Failure to see a strong bounce back move this week would keep the pair pressured on the downside and can take it further down towards 1.5600/5530/5430 which are the expected downside targets that looks possible while below 1.6000. We will have to wait and see what happens. We do not have any specific trade ideas for the week on this pair. We might stay out of the market without any trades for the whole of this week on this pair.
|AUD-USD @ 0.9843...Can fall further|
R: 0.9900-20 / 0.9980-1.0010
Aussie witnessed a strong fall below parity last week and remains weak for further fall. 0.9900-20 will be an immediate Resistance region failure to break above which can take it down to 0.9660 on the downside. 0.9750-35 could be an intermediate Support region. On the upside 0.9980-1.0010 will be a good Support-turned-Resistance region and only a strong break/close above this Resistance region will wipe out any further downside threat. Watch this 0.9980-1.0010 Resistance region and if a pull back happens from this Resistance region, then Shorts can be taken.
Trade ideas for the week: