FX Thoughts for the Day

USD-CHF @ 0.9301/04...Looks to break 0.9300 for a dip to 0.9250
R: 0.9340 / 0.9390-400 / 0.9460
S: 0.9300 / 0.9210

The pair has drifted lower and currently standing near its 0.9300 support. Looking at dollar-Index (79.98) it has broken below 80.00 and can slip further towards 79.80-65 in the coming sessions. Euro (1.3025) has risen and looks strong for a further rise towards 1.3100 in the coming sessions. Though Dollar-Swiss has good support near 0.9300 we expect it to be broken for a dip towards 0.9250-10. The bigger 0.9500-200 range continues to hold and currently looks weak in the range for a dip. On the other hand a rise from current levels is expected to face resistance near 0.9350-90 levels.
 
 
GBP-USD @ 1.6143/46...Bullish
R: 1.6160-70 / 1.6200 / 1.6240
S: 1.6080-50 / 1.5990

Cable continues to rise and looks strong on the daily as well as the weekly charts. Our view remains same as we expect a rise towards 1.6200 level in the coming sessions. On the down side we expect it to take support near 1.6080-50 levels. The bigger picture also looks bullish in cable from a medium term perspective and a further rise above 1.6200 cannot be ruled out.


 
 AUD-USD @ 1.0544/47...Bullish
R: 1.0560 / 1.0620
S: 1.0500-480 / 1.0460 / 1.0400

Aussie has risen further up and continues to remains strong targeting 1.0560 in the immediate term. The daily and the weekly charts look strong and a breach of 1.0560 cannot be ruled out for a further rise towards 1.0620. Dips are expected to be shallow will find aggressive buyers near 1.0500-480 which can well be the floor in the near term. The bigger 1.0620-150 range continues to hold and the bias remains bullish inside it.

Happy Trading!
 

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