|USD-CHF @ 0.9402/05...Immediate outlook mixed|
R:0.9400 / 0.9470-500 / 0.9522
Although Dollar-Swiss remains bullish in the bigger picture, the immediate outlook is mixed. It has immediate Support in 0.9355-40 region and the significant 21-DMA Support which has been holding well is currently at 0.9353. The pair has risen above 0.9400 now and it will have to be seen whether it can sustain above 0.9400 or not. Failure to sustain above 0.9400 would keep alive the chances of seeing a break below 0.9350. A strong break below this 0.9350 Support level can take it down towards 0.9250-00. On the downside 0.9194 is an important Support level seen on the monthly chart and dips to 0.9200 can be bought. But whether we will see a strong break below and fall below 0.9350 towards 0.9200 is the question. We are not sure about this at the moment. We will have to wait and see. On the upside 0.9400, 0.9522 (Trendline Resistance on the monthly chart). 0.9606 (100-DMA) are the important Resistance levels to be watched.
Trade ideas for the week:
|GBP-USD @ 1.5505/08...Bearish|
R: 1.5550-70 / 1.5650 / 1.5700
Cable witnessed a break below its important range Support at 1.5400, but has bounced back very well from its low of 1.5361. Although this bounce back has eased the downside pressure a bit, there is still a threat of seeing a break and fall below 1.5400 once again. 1.5545-70 will now be an important Resistance region which should be watched carefully. A break above this Resistance can target 1.5650 which is the next significant Resistance level. Also a break above 1.5570 would retain the 1.5400-5800 intact once again. On the other hand, a failure to see a strong rise past this 1.5550-70 Resistance region will increase the chances of seeing a break below 1.5400 once again. A strong break below 1.5400 can drag the pair down towards 1.5150-00 on the downside. This 1.5150-00 is a very strong Support region seen on the downside which is expected to hold. We will be looking to buy in 1.5150-00 region.
|AUD-USD @ 1.0220/23...Mixed|
R: 1.0285 / 1.0315 / 1.0350
The outlook on Aussie is mixed. We see equal chances of testing 1.0400 on the upside and seeing a fall to 1.0000-0.9900 on the downside. 0.9285 is a significant Resistance level seen on the monthly chart, if it holds a test of 1.0000-9900 is more likely to happen. 1.0120-00 is an intermediate Support region. If this Support region holds on a pull back from 1.0285, then the chances of seein 1.0300-0400 cannot be ruled out from this intermediate Support region. We will have to wait and see what happens. As of now we do not have any specific trade ideas for the week since we are not clear on the direction of move. We will watch how the pair moves for a couple of days and will take trade decisions accordingly.