|USD-CHF @ 0.9723/26...Resistance in 0.9750-70 region holding|
R: 0.9750-70 / 0.9800-10 / 0.9850
Dollar-Swiss has risen sharply during the day from its low of 0.9667 and is now trading above 0.9700. We exited our Short position entered at 0.9745 at cost. However, the Resistance in 0.9750-70 region is continuing to hold and it has come off from its high of 0.9764. Our view remains the same. While below the 0.9750-70 Resistance region, the outlook remains bearish for a fall towards 0.9600 in the coming sessions. 0.9800-10 is the next significant Resistance region seen above 0.9770. Note 0.9800 is the 100-DMA and 0.9810 is the 21-Week-MA. As such any sharp upmove above 0.9810 is not looking likely as of now and the broader outlook continues to remain bearish.
|GBP-USD @ 1.5752/55...Might rise further|
R: 1.5830-50 / 1.5930 / 1.6000
Cable is continuing to trade strong. It has bounced back from its low of 1.5717 very well during the day. A further rise towards 1.5820-50 is looking likely in the coming sessions. On the downside 1.5720-00 is the immedaite Support region and 1.5650 is the next significant Support level to watch for below 1.5700. An immediate break below 1.5650 is not looking likely in the coming sessions. As such we would want to go long at the market
Market Trade (at the time of writing):
|AUD-USD @ 0.9970/73....Recovering|
R: 0.9970-85 / 1.0010-20/1.0060
Our view remains same as morning.
Though Australian employment additions in December fell short of expectation, 2,300 compared with 25,000 expected, but unemployment has now declined to 5%, a level considered to represent full employment. Post-flood reconstruction could see demand for workers and that could lead to upward pressure in wages in a tight labour market. Autralian dollar to find resistance around 0.9970 and then around 1.0010. Immediate trend remains up as long as 0.98 handle holds. Our longs in the pair is stopped at a profit of 80 pips.