Dear Readers,With the US NFP data release due in some time, the currencies are trading flat and there is absolutely no movement in the market today and could take que from the NFP data to move from here on. With no significant move seen during the day our views remain the same and as such we are repeating the Morning Comments. We will stay out and see how the market closes for the week today to take a fresh look on the currencies going forward into next week.
|USD-CHF @ 0.9702/05...Can rise to 0.9750-70|
Dollar-Swiss has risen sharply breaking above its important Resistance at 0.9650 yesterday and is trading flat at 0.9700. With Resistance-turned-Support in 0.9670-50 region, the overall outlook remains bullish and we see good chances of further rise to 0.9750-70 in the coming sessions. Any sharp pull back can find good SUpport now in the broad 0.9650-00 region which could restrict the downside.
|GBP-USD @ 1.5536/39...Outlook not clear|
R: 1.5550 / 1.5600
Cable is continuing to find Support at 1.5500. If 1.5500 holds, there could be a bounce to 1.5600 once again. However, the pair should now see a strong rise past 1.5600 to ease the downside pressure. While 1.5600 holds, there could be good chances that the pair could remain in 1.5500-5750 sideways range. On the other hand, if 1.5500 is broken, then Cable can move down to 1.5400. We see 50-50 chances of moving on either side from current levels and as such we are staying out of the market for now.
|AUD-USD @ 1.0265/68...Ranged|
The Support at 1.0250 is still holding well and the Aussie remains ranged between 1.0250-325. Failure to fall sharply yesterday even after a sharp fall in other currencies keeps the Aussie in upper hand. The US NFP data will be a key to be watched and if Aussie manages close above 1.0200 or 1.0250 for today, then the outlook would be very bullish for the pair going forward. As of now the pair remains in 1.0250-325 sideways and range and it is expected to retain this range until the US NFP data release today.