FX Thoughts for the Day

USD-CHF @ 0.9143/46...Can rise from current levels 
R: 0.9165 / 0.9215 / 0.9250
S: 0.9100-0.9090 / 0.9050

Dollar-Swiss is getting Resistance near 0.9160 which is restricting further upmove. Good chances for it to be ranged between 0.9085 and 0.9160 for some time. The bigger picture is bearish but for the near/immediate term the pair can see a corrective rally to 0.9200-50 in the coming sessions. Having said this a pull back from current levels will continue to get Support in 0.9100-9085 region and we expect a break and rise above 0.9160 towards 0.9200-50.

Limit Buy Order
Buy USD 10K at 0.9110, SL 0.9071, TP 0.9225
 
 
GBP-USD @ 1.6236/39...Dip before a rise is likely now 
R: 1.6310-20 / 1.6450
S: 1.6200 / 1.6165 / 1.6080

Cable is not gaining strength to bounce back again. With lack of upside momentum and with the failure to rise past 1.6300 over the last couple of days is increasing the chances of seeing a corrective fall in the coming days towards 1.6200-6150. The bigger picture still remains bullish and a fresh leg of upmove can happen from this 1.6200-6150 region which can target 1.6500-6600 on the upside.


 
 AUD-USD @ 1.0436/39...Crucial Support in the broad 1.0400-350 region
R: 1.0480 / 1.0530-10 / 1.0560-80
S: 1.0430-00 / 1.0350-30

Aussie has dipped further nad continues to remain weak. It has important Support in the broad 1.0400-350 region which should be watched carefully. A strong break below 1.0350 will be very bad and it can drag the pair further down to 1.0200-150 going forward. Today's closing will be very crucial. Since the market is nearing the year end, any strong upmove might not happen immeidately and there are good chances to test 1.0400-350 Support region with the current market condition. Having said this, it is better to stay out of the market for a while until we get a clear idea on the direction of move.

Happy Trading!
 

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