|USD-CHF @ 0.9772/75...Bullish|
R: 0.9920-30 / 0.9950
The pair after a fall on last Friday stabilized and took support on the daily channel at 0.9660 and has moved up, thus avoiding the fall to 0.9610. The pair took resistance at 0.9800 and retreated on Friday before the market closed which shows that the pair is in an uptrend but traders are not willing to take long positions home on a weekend. In the coming week we can expect the pair to move up towards its upper channel at 0.9920-30 and further up to 0.9950, the pair does have good momentum and it seems a buy on dips towards 0.9670. The down side seems capped with good supports at 0.9735 and 0.9685-700, which if broken can turn the picture bearish which seems unlikely at this stage. Also the presence of a bearish Head and Shoulder with neck line at 0.9735 makes the picture bearish but only below the neckline while the pair trades above 0.9735 we can expect the pair to move up.
|GBP-USD @ 1.5667/70...Ranged can break the range on the upside|
R: 1.5720 / 1.5770 / 1.5890
The pair has been trading in a broad range of 1.5400-1.5740 from mid June and has showed no momentum to move in either direction though the internal structure suggests that there is a fair chance of the pair breaking on the upside. If the pair is able to cross 1.5700-40 with strength we can expect the pair to move up towards 1.5890 in the coming weeks. The pair can gain momentum from here quite soon. On the down side the pair has good support at 1.5400 which is expected to hold for the week. The pair is also taking good support on its trend line on the daily charts; a dip towards (1.5600-560) which can be used to take a long position. The EUR-GBP Cross (0.7838) is quite bearish, with good Resistance at 0.7900. The UK Unemployment data on Wednesday could be good for the Pound if there is a dip below 8.0%.
Limit Buy Order
|AUD-USD @ 1.0541/44...Topping out|
R: 1.0630-60 / 1.0690
he pair has been in a strong uptrend since June beginning and seems to be topping out at current levels; there is still room for some up move till 1.0630-60 but which seems unlikely. It is time that the pair corrects after a good rally, it has made a hanging man on the daily charts which if conformed can take the pair lower towards its immediate support of 1.0430. It would be a bit risky to take a short position at the market as the Reward to Risk ratio will not be favorable. The pair can bounce from either 1.0430 which if broken can take the pair towards 1.0375 which can also give support to the pair. The pair is definitely a short candidate and we would be looking to take a short position on a bounce to 1.0630-80 with a stop above 1.0700.
Tighten Stop on EUR-AUD short