FX Thoughts for the Day


 USD-CHF @ 0.9299/302...Continues to remain strong
R: 0.9300 / 0.9340-50 /
S: 0.9260 / 0.9200 / 0.9160

Dollar-Swiss has continued to rise through the day as expected. The forecast remains the same and a further rise to 0.9300-50 can be seen in the coming sessions. Euro (1.3009) is near its important 1.3000 support and is threatening to break it. So our bias remains for this rise in Dollar Swiss the near term and any dip before this rise is likely to find support near 0.9200-180 region. The bigger trend though can turn bearish after this current rise halts near 0.9350.
 
 
GBP-USD @ 1.6021/24...Should dip further
R: 1.6100 / 1.6180
S: 1.6020-00 / 1.5960 / 1.5920-00

Cable has dipped further through the day and is currently near its supports on the daily charts. It is not able to gain much even on short covering which tells us about the impending weakness in the pair. We can now see it breaking below its 1.6020-00 support for a dip to 1.5950-35 in the near term. Any rise from current levels is expected to face resistance near 1.6100-60 which should cap the upside before the end of this down leg.


 
 AUD-USD @ 1.0407/10...Ranged
R: 1.0530 / 1.0590-620
S: 1.0400 / 1.0350-40

Aussie has dipped further in its 1.0530-350 range. With the dollar strengthening we expect the pair to weaken further towards the lower end of the range. Going forward the longer term remains a bit unclear and it is advised to stay out of the markets till a clearer move is observed. The weekly chart has also started to look a bit weak and we can see it relatively weaker than other currencies.


Happy Trading!
 

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