Vikram Murarka
Kshitij Consultancy Services
USD-CHF @ 0.9288/91...Likely to hold above 0.9270-50
R: 0.9350 / 0.9400 / 0.9460 /
S: 0.9300-270 / 0.9180 /
Dollar-Swiss on the rise faced resistance near 0.9300 from where it has dipped a bit, it continues to find support near 0.9270 but is not able to break 0.9300 on the upside. We would still be biased for 0.9270 holding and the pair bouncing from current levels towards 0.9400-60 in the coming sessions. Essentially the forecast has now turned bullish while it stays above 0.9250 for an eventual rise towards 0.9530 in the coming days. On the down side we look at 0.9270-50 as a significant support which should be able to cap the down side before an upside is played out.
GBP-USD @ 1.5859/62...Weak is facing strong resistance near 1.5900
R: 1.5900-35 / 1.6000 / 1.6080
S: 1.5830 / 1.5740-25 /
Cable gave an intra day rise but faced resistance near 1.5900 from where it turned down again. We maintain our negative bias on the pair as the weekly and the daily charts are still looking weak. A fall towards 1.5735 and 1.5660 levels is looking likely as the upside seems to be capped at 1.5900. Also strong resistance is seen near 1.6000 levels which seems unlikely to be tested and broken. Hence we are negative on the pair and we expect a fall in cable in the coming days.
AUD-USD @ 1.0556/59...Ranged
R: 1.0600-20 / 1.0750 / 1.0840
S: 1.0500 / 1.0440-00 / 1.0340
Aussie has rise after dipping to the lower end of the 1.0600-500 range as it continues to trade in the range. The range can well be traded from the long side. Though the longer term looks quite bullish it would only rise after a firm rise above 1.0620 is seen. Though the longer term is bullish it would be better of to wait for a conform break of the range on the upside. Dips to 1.0500 can used to take long positions with a tight stop. It is not advisable to trade the pair from the short side.
Limit Buy Order
Buy AUD 10K at 1.0505, SL 1.0455, TP 1.0585
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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