SwissUSD-CHF @ 0.9369/72... Stuck in 0.9440-280 range
R: 0.9430 / 0.9460 / 0.9510
S: 0.9280 / 0.9230 / 0.9110

We saw the pair move all the way from 0.9289 to 0.9432 and back to 0.9300 through the week , on the move up it faced resistance of its 200 EMA on the daily charts and retreated back. It seems as if it is trading in the 0.9440-0.9280 range on the daily charts though the bigger trend is bearish a further down side can only be seen on a strong break below 0.9280 which can further open doors for a slide to 0.9240 and 0.9110 which are its next support levels. On the other hand if a break of 0.9280 is not seen a bounce from 0.9300 can take it to 0.9430 and 0.9460 which would be ideal levels to short the pairs with stops above 0.9460 and 0.9500 respectively. Buying at the lower end of the range would be risky and selling on rallies should be preferred.

Limit Sell Order
Sell USD 10K at 0.9415, SL 0.9485, TP 0.9330
CableGBP-USD @ 1.6035/38...Bearish
R: 1.6080 / 1.6130 / 1.6160
S: 1.6050 / 1.6000 / 1.5910

The pair opened the week with a big loss and was negative till it found good support at 1.6000 which has its Fibonacci support on the daily charts and bounced back. A very big view suggests that it is in a 1.6300-5300 range with the a good amount of down side that can be seen all the way to 1.5700 in the coming weeks, but it has not been able to break the weekly support of 1.6050 on a weekly closing basis, which it has held two weeks consecutively, so a down side looks good but only on a weekly closing below 1.6050. On an up move it is expected to face good resistance at 1.6080 but can rise past it to 1.6130 which is trend line resistance on the daily charts and is expected to hold the pair. For the week you can see it taking resistance at 1.6130 (if it moves up, unlikely) and can move lower towards 1.6000 on the break of which 1.5910 can also be seen.

Limit Sell Order
Sell GBP 10K at 1.6130, SL 1.6210, TP 1.6025

AussieAUD-USD @ 1.0222/25...Mixed, can rise to 1.0375 before if falls further
R: 1.095 / 1.0375 / 1.0430
S: 1.0230-20 / 1.0145 / 1.0100

The pair in the last week was over sold as it made a low of 1.0149 and bounced back crossing its Fibonacci level of 1.0225 and moving further up towards 1.0300. The bigger picture suggests that it is ranged in1.0630-100 trading in the bigger triangle on the weekly charts for which the fifth wave should move towards 0.9800 but only on a break below 1.0100. For the coming week there are fair chances that it will move towards 1.0375 if 1.0225 is held which is an immediate support on the daily charts, we are not sure if the down move will begin after it rallies to 1.0375 or if will go on all the way to the upper trend line of the triangle1.0560-600 which will only become clear when it breaks/holds 1.0375.

AUD 10K Long at 1.0235, SL 1.0195, TP 1.0290

Happy Trading!


This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service