|USD-CHF @ 0.9508/11...Bullish|
R: 0.9630 / 0.9690-700
Dollar-Swiss has opened gap down following the new from Spain. It is now trading just above 0.9500 and a further fall to its important Support at 0.9450 looks likely now. 0.9450 is a strong Support level which can hold very we. If the pair fails to break below 0.9450 and bounces back from there then that could be a beginning for a fresh rally going forward. We will have to wiat and see. On the upside 0.9690-9700 is the important Resistance region to be watched and a strong break above this Resistance region will open doors for futher rally. 0.9950-1.0000 can be targeted on the upside on a strong break above 0.9700. On the other hand if 0.9450 is broken then the pair can move down further to 0.9400 or even lower.
|GBP-USD @ 1.5563/66...Immediate outlook mixed|
R: 1.5600 / 1.5640
Cable has found good Support near 1.5340 and witnessed a sharp rise to 1.5600 last week. Although the strong pull back from 1.5600 towards the end of the week leaves a question whether the pair can rise further, the gap up opening and the rise today leaves high chances of sustaing higher. 1.5400 and 1.5340 are the important Supports to be watched on the downside and while these hold, there is not immediate threat on the downside. However, if a strong break below 1.5340 is seen then the pair can fall to 1.5200 which is very strong Support level that can hold well and is a good level to buy the Cable. On the upside, we see 1.5640 to be a very strong Resistance which needs to be broken for the pair to rise futher to 1.5750-800. No immediate trade ideas as of now, we will watch the market and enter trades accordingly.
Trade ideas for the week:
|AUD-USD @ 0.9979/82...Important Support at 0.9800|
R: 1.0000 / 1.0070
Aussie saw a strong rise to test parity last week following the good GDP and labour force data release but failed to extend its upmove above parity. However, it has risen above the significant 0.9950 level and is continuing to look strong. Support is seen near 0.9895 and then strong Support is seen near 0.9800 and while above 0.9800 there is no threat on the downside. having said this we may now expect the Aussie to move up well above parity to rise to 1.0070-100 or even 1.0150-200. On the other hand, if 0.9800 is broken then the pair can revisit 0.9700-9600 on the downside. As of now, we do not have any specific trade ideas for the week. We watch the how the market moves and then take trades accordingly.