Nothing much has happened in the market since the morning as the market awaits for the ECB meeting outcome. Having said this we are repeating the morning comments for now as well.
|USD-CHF @ 0.9540/43... Ranged ahead of ECB, between 0.9500-0.9610|
The pair continues to trade in the 0.9500-0.9610 from the past 11 trading days and we expect this range to continue till the ECB meet in the evening. The chances of the range breaking on the down side are more and the pair can target 0.9460 and 0.9400 post break out. We would stay out of the market for a while.
|GBP-USD @ 1.5917/20... Bullish|
|R: 1.6050 / |
S: 1.5850 / 1.5765 / 1.5700
The pair yesterday gave a break above 1.5890-900 and continues to trade above this level and can give a rise towards 1.6050, but there are fair chances that the pair can stay flat till the ECB meet which is due in some time. The BOE has left the rates unchanged as expected today and no significant movement has happened after that. Sharp move is expected to happen after the ECB. The broader picture though remains bullish a break below 1.5890 can take the pair to 1.5765 also, the chances of which are bleak.
|AUD-USD @ 1.0243/46... Immediate Resistance at 1.0240 but can rise further to 1.0290|
|The pair took support at 1.0167 and has bounced and can take itself to 1.0240 and further up to 1.0290 which is a good resistance zone for the pair. The pair can take resistance at either of the levels and start moving lower as the overall trend remains bearish for a target of 1.0034. The markets are expected to be ranged ahead of the ECB but can be volatile after the announcements.|