|USD-CHF @ 0.9815/18...Can dip before further rise|
R: 0.9850-75 / 0.9950
Dollar-Swiss witnessed a break and rise above 0.9800 last week towards 0.9873 and has come off from there to close just below 0.9800 for the week. Although the overall picture remains bullish, last week's candle reflects indecisiveness. Having said this the pull back from last week's high can extend further to 0.9700 which is a significant Support level to be watched. Although 0.9700 is a strong Support and is expected to hold, the chances of it moving further down to 0.9650 cannot be ruled out. This has to be to be seen. But the bigger picture is still bullish and the upside is open for the targets of 0.9950 and then 1.0050-85.
Trade ideas for the week:
|GBP-USD @ 1.5570/73...Can rise to 1.5750|
R: 1.5650 / 1.5750
The Support in 1.5400-5380 region has held very well and the Cable has risen sharply from its low of 1.5392 to close higher and strong above 1.5500 for the week. Good chances that 1.5750 can be revisited this week. 1.5500 and 1.5450 could be the immediate Supports and 1.5650-70 can be a intermedaite Resistance for the rise to 1.5750. Longs can be taken near 1.5450. But can we see a dip to 1.5450? Not sure. There could be chance sof seeing a broad range of 1.5400-5750 or even 1.5250-750. As such it is better to wait for dips to enter Longs. Overall while above the 1.5400-380 Support region, there is not immediate downside threat and the overall picture is looking bullish only. Can Cable revisit 1.6000-6100 levels? We will have to wait and see for the confirmation on this.
Limit Buy Order:
|AUD-USD @ 1.0225/18...Bullish|
R: 1.0269 / 1.0325-50 / 1.0400
Aussie fell below its important Support at 1.0150, but then has bounced back well from the low of 1.0100 to close higher above 1.0200. Important to note is that, the Aussie remains relatively strong against the Dollar as compared to the other currencies over the last two weeks. This keeps the Aussie on the upper hand. Good Support is seen in 1.0160-40 region and then at 1.0100 which are expected to hold. 1.0325-50 is an important Resistance region seen on the upside and which can be tested this week. A strong break above 1.0350 would add further strength to the pair and can take it further up to 1.0450-500 levels. Important to note for this would be to watch the 200-DMA. A decisive close above the 200-DMA (1.0271) would itself can give a first signal for a a break above 1.0350. Overall the pair is strong and dips to 1.0150-00 can be considered for buying.
Trade ideas for the week: