|USD-CHF @ 0.9747/50...Threat of seeing sharp fall|
R: 0.9776 / 0.9800-30
Dollar-Swiss was ranged between 0.9700 and 0.9800 last week. The immediate outlook is mixed. However, our bias remains a little bit bearish within this range as the pair is not breaking above 0.9800 over the last couple of weeks. Also the 21-DMA (currently at 0.9776) is restricting any sharp rise. Having said this, downside pressure could be buliding on the pair while below 0.9800. The 55-DMA (currently at 0.9694) and the 13-Week-MA (currently at 0.9680) are the important Support levels to be watched and a strong break below 0.9680 could trigger a sharp fall to 0.9400 going forward. On the upside the 21-DMA (currently at 0.9776), 0.9800 and 0.9830 are the important Resistances to be watched and which needs to be broken to ease the downside pressure. We will be looking to sell on rallies to 0.9800.
We booked a profit of 60 pips from the Long position entered at 0.9710
Limit Sell Order:
|GBP-USD @ 1.5692/95...Outlook not clear|
R: 1.5750-70 / 1.5800 / 1.5885-900
Cable was mixed and ranged last week. The broader 1.5450-5770 sideways range still remains intact. Will it break this range on the upside? We will have to wait and see. 1.5750 is the first important Resistance level to be watched. A strong break/close above this Resistance will add further strength. But there is strong Resistance at 1.5800 on the monthly chart and only a strong break above this Resistance will wipe out any chances of seeing a pull and take the pair further higher. A strong break above 1.5800 will open doors for a rise to 1.5900 intially and then to 1.6050-6150 eventually there after. Overall although there is good chances of seeing a fresh rally in the coming weeks, we are sure about the immediate outlook. As such we will stay out of the market for a while and watch how the pair moves to take any trades.
|AUD-USD @ 1.0457/60...Immediate outlook not clear|
R: 1.0500 / 1.0647
Aussie fell sharply last Friday, but is now trying to bounce back. The pair now needs to see a strong rise past 1.0500 to ease the downside pressure. There is good/strong Support in 1.0400-380 region which is holding well as of now and while above this Support region, there is no immediate downside threa. While above 1.0400, there is a chance of revisiting 1.0600+ levels in the coming days/weeks. As of now we are not sure about the direction of move for this week. We will wait and watch for a few sessions as how the pair moves and then take trades accordingly.
We got stopped out of the Long position entered at 1.0445 losing 35 pips.