|USD-CHF @ 9770/73...Outlook mixed|
R: 0.9760 / 0.9800 / 0.9950
The Resistance at 0.9950 has held very well and the Dollar-Swiss fell sharply from the high of 0.9972 last week to close lower for the week. There is immediate Resistance in 0.9780-800 region and immediate Support at 0.9730. Failure to bounce back above 0.9800 will be bad for the pair as it can pull it further down to 0.9650-00 in the coming week. NOte that the 55-DMA Support is currently at 0.9631 which needs to be watched and which could be very good Support. However, a break below 0.9700 itslef would be very bad for the pair it can keep it pressured on the downside to fall even to 0.9500. This is some thing to be watched. Overall the pair is in a crucial place and if it has to go up again it has to go up from current levels or from near 0.9700. The overall uptrend is still in place for a target of 0.9950 and 1.0050-85 but whether the uptrend resumes right from here itself or after seeing 0.9600-500 on the downside is what have to be seen. No trade ideas for the week right now. We will watch the market and trade accordingly.
|GBP-USD @ 1.5717/20...Mixed|
R: 1.5770-85 / 1.5900 / 1.6050
Cable found very good Support in the broad 1.5525-5475 region last week and has risen sharply to close above 1.5700. Although the pair still remains within its 1.5400-5770 sideways range, important to note is that this is the first weekly close above 1.5700 over the last several weeks. Also the pair has strong Support now in 1.5670-50 region which if holds can trigger further rise in the coming days/weeks. The 21-Week-MA (currently at 1.5778) and the 8-MOnth-MA (currently at 1.5780) are the important Resistances to be watched on the upside and a strong break above these Resistance can take the pair up to 1.5900 and then eventually to 1.6050-6100-6150 there after. Overall the outlook for this week is mixed as we see 50-50 chances of moving on either side from here and as such we do not have any trade ideas for the week right now. We are holding a short position and will watch the market to take further trades accordingly.
|AUD-USD @ 1.0466/69...Bullish|
R: 1.0510 / 1.0555 / 1.0660-90
Aussie remains very strong and has risen sharply from its low of 1.0177 to close strong at 1.0477 last week. There is significant immediate Resistance near 1.0510 and then at 1.0555 and there are chances to see a pull back from 1.0555 levels. However, the overall picture is bullish and as such the pull back move would be limited and can be restricted to 1.0400-375 or at the maximum to 1.0300. The upside remains open for a test of 1.0660-90. Having said this dips to 1.0300 can be bought. At the same time need to watch 1.0400-375 Support region and if a bounce happens from there itself then Longs can be entered at the market.
Trade ideas for the week: