|USD-CHF @ 0.9669/72...Sell rallie|
R: 0.9730 / 0.9750-70 / 0.9840
Dollar-Swiss tested and has bounced back once again from near its significant Support at 0.9600. As mentioned earlier, while above 0.9600 there are chances of a seeing a rise towards 0.9730-50 once again in the coming sessions. However, the broader outlook is bearish with strong Resistance in 0.9750-70 region which is expected to hold. As such a rally towards 0.9750 can be considered for taking Short positions.
Limit Sell Order:
|GBP-USD @ 1.5834/37...Bullish. Buy dips|
R: 1.5880-5900 / 1.5950 / 1.6030-50
Cable is continuing to trade above 1.5800 and is ranged between 1.5800-70 during the day. With no significant move on either side, our view remains the same as mentioned in our Morning comments and it is given below.
The outlook is now bullish with Support in 1.5750-00 region. A break below this Support is not looking likely. A further rise towards 1.6000-6100 is looking likely in the coming days. As such a dip to 1.5750-00 Support region can be considered for taking Long positions once again.
Limit Buy Order:
|AUD-USD @ 0.9868/71... Bounced after a sell-off|
As expected, Aussie took a knock as EM equities lead by India tumbled sharply in the European hours. We have been warning about signs of gathering storm clouds in the horizon. We expect the risk-off trade to gather momentum in the coming days and months. However, amongst all the bear signs, the silver lining is that key trend support in the pair is holding and according to wave analysis study as long as 0.98 holds, one more upmove towards 1.04 can not be ruled out. If such a move were to occur, it would still be the final leg of a culminating bull rally. Aussie, at the time of writing, is trading 100 pips shy of 0.98 and therefore, trading prudence calls for giving the bullish argument the benefit of doubt.