|USD-CHF @ 0.9358/61... Resistance ahead at 0.9375 and can slip lower to 0.9300,|
|R: 0.9375 / 0.9410 / 0.9460|
S: 0.9350-40 / 0.9300 / 0.9260
The pair as expected weakened throughout the day moving towards 0.9300 it found support at 0.9335 and bounced back, the over all view remains the same and the down trend is expected to continue after the pair to takes resistance at 0.9375 or at the max 0.9410 above which the move does not seem to be coming. The bigger trend as mentioned earlier is bearish and is expected to continue after it takes resistance at the resistances mentioned earlier. A fall to 0.9300 and 0.9260 can be expected in the absolute near term.
USD 10K short at 0.9415, SL 0.9405, TP 0.9250,
As soon as market trades 0.9290 bring TSL down to 0.9375
Limit Sell Order:
USD 10K at 0.9395, SL 0.9440, TP 0.9325
|GBP-USD @ 1.6188/91...Ranged|
|R: 1.6275 / 1.6300 / 1.6380|
S: 1.6160 / 1.6080
Cable continues to trade the way it is from the past few days trading in the 1.6160-270 range facing strong resistance at higher levels. Today it saw a good rise towards its upper range and it looked like Cable can break on the upside but did not have the strength to do so and we have once more indecisive candle on the daily charts. It is difficult to predict the direction of the break out direction and it would be advisable to stay out of the markets till we see a confirm break in either direction.
|AUD-USD @ 1.0427/30...1.0430-00 hold the key for further immediate direction|
|R: 1.0470 / 1.0500-20 / 1.0570|
S: 1.0435 / 1.0400 / 1.0.375 / 1.0330 / 1.0230
The pair continued it move above 1.0400 making a high of 1.0474 and has retreated since then. 1.0430 continues to be a significant support on the daily charts and a close below it can be bearish for a further fall to 1.0375 (55 EMA) and 1.0340 (100 EMA) which have been held well on the previous test. We will have to see if it manages to break 1.0430 and 1.0400 which holds the key for the pair, the bigger picture has not changed and dip in the coming days looks eminent but if we see the pair holding on to 1.0430-00 a rise towards 1.0575 can be seen in the coming days before the down trend starts.
This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service