|USD-CHF @ 0.9267/70...Bearish|
R: 0.9300 / 0.9400
Dollar-Swiss has seen a sharp fall this week breaking below its 200-DMA (currently at 0.9402). Important to note is that the current fall from near 1.0000 is happening from the 61.8% Retracement level of the fall from 1.1731 (May-10) to 0.7066 (Aug-11). So there is a threat of seeing a fall to 0.9000 or even 0.8850 while below 0.9400 and 0.9500. Strong Resistance is seen in this broad 0.9400-9500 region. Rallies to 0.9400 can be sold. Note the 200-DMA is currently near 0.9400. On the downside 0.9118 is an important Support on the monthly chart which can hold on its first test atleast. Also 0.9154 (100-Week-MA) and 0.9041 (21-Month-MA) are the other Supports to be watched on the downside. Overall the pair is very weak and rallies to 0.9400-9450 can be sold.
Trade ideas for the week:
|GBP-USD @ 1.6219/22...1.6300 and 1.6160 important levels to be watched.|
R: 1.6300 / 1.6500 / 1.6600
Cable remains strong and has risen further this week as well. 1.6160 will now be a very important Support level to be watched for and while it holds then a strong rise past 1.6300 will open doors for further rise to 1.6500 and 1.6600. However, on the other hand, failure to see a strong rise past 1.6300 and a fall below 1.6160 could be bad for the pair which could initiate a sharp fall going forward. In a broader picture if we see, Cable has been ranged between 1.5200-6700 since 2011 and within this range we are seeing another range of 1.5250 and 1.6300 over the last one year since Sep-11. Having said this if 1.6300 holds then the 1.5250-6300 range could continue on a break below 1.6160 and there could be a threat of seeing a fall to 1.5250 going forward. To sum up, 1.6160 and 1.6300 are the important levels to be watched on the downside and upsided respectively and a break on either side of these levels will decide the further direction of move.
Limit Buy Order:
|AUD-USD @ 1.0526/29...At crucial point|
R: 1.0612 / 1.0645-50 / 1.0700
Aussie has been rising over the last two weeks but is coming near a very crucial Resistance level. There is important Resistance at 1.0612 on the monthly char which was tested last week and the pair has come off from there after making a high of 1.0624. If this Resistance holds then there can be a fall in the coming weeks to 1.0100 as the monthly candles suggests a range of 1.0100-1.0600. However, the upside remains open for 1.0650 and 1.0700 on the weekly chart which needs to be watched and a rise to these Resistances is possible if the pair manages to stay above 1.0450 this week. If 1.0600 holds then a strong break and monthly close below 1.0100 could be very bad as it would open doors for a fresh fall to 1.0000 and 0.9750. It is a wait and watch on this pair for this week.
Limit Sell Order: