Vikram Murarka
Kshitij Consultancy Services
USD-CHF @ 0.9166/69...A rise to 0.9210 before a fall looks likely
R: 0.9210 / 0.9250/ 0.9270 / 0.9300
S: 0.9140 / 0.9080 /
Dollar-Swiss has bounced a bit through the day but not as much as expected. But the expectations remain for a bounce towards 0.9210 which still looks quite likely. The larger trend though looks to have turned bearish now and we are likely to see the pair move lower after this current up move ends. Euro (1.3266) has also risen very strongly yesterday and the outlook remains bullish now. Though a dip to 1.3200-180 can be seen but that would be just a buying opportunity in the markets. Hence we think that the Dollar-Swiss can rise in the immediate term but is likely to dip going forward as mentioned earlier. It is targeting 0.9080 in the coming days which is its support on the monthly charts. We would wait for the next week to take fresh shorts in the pair.
GBP-USD @ 1.6117/20...Mixed
R: 1.6180 / 1.6200 / 1.6240
S: 1.6080 / 1.6050 / 1.5950
Cable through the day has been a little weak as we had been mentioning from the past few days. Yesterdays bounce was strong but was not very convincing and the down side cannot be completely ruled out. We would say it is looking a bit mixed. Support is seen near 1.6050 which is its trend line on the daily Candle charts which can stem the fall if seen. A strong close above 1.6200 for the wee will be bullish for the pair for a rise towards 1.6300 and 1.6400 in the coming days. We will have to wait and watch for the closing of the pair. It is advised to stay out of the markets, we would enter fresh trades when a clearer move is seen.
AUD-USD @ 1.0573/76...Wait for the weekly close
R: 1.0620 / 1.0680 /
S: 1.0530 / 1.0480 / 1.0380
Aussie has dipped a bit through the day. On the short tem charts it looks as if it can give a short term dip but at the same time the longer term charts are still looking bullish. A weekly close at these levels will be very good for the pair in the longer term. Having said that it needs to break 1.0620 which will makes it quite bullish in the medium/longer term. At present we would prefer to wait to see the weekly close. Near term supports are seen near 1.0530 and 1.0470 which should cap the pair’s down side. We would advise to wait for a clearer trend before taking any positions
Happy Trading!
The above views are based on the latest available information. Though the information sources are believed to be reliable, the information is not guaranteed for accuracy. While the views are proffered with the best of intentions, neither the author, nor the firm are liable for any losses that may occur as a result of any action based on the above. World financial markets, and especially the Foreign Exchange markets, are inherently risky and it is assumed that those who trade these markets are fully aware of the risk of real loss involved.
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