FX Thoughts for the Day


USD-CHF @ 0.9244/47...Safe while 0.9200 is in place
R: 0.9250-60 / 0.9300 / 0.9390
S: 0.9220-00 / 0.9150

Dollar-Swiss continues to trade above its 0.9225-00 support region but at the same time is not able to break its 0.9250 resistance. The daily chart is not giving a clear signal but the 4-hour chart does look good. Hence the bias would be for a rise towards 0.9300 while 0.9200 is held. If 0.9200 is broken then it becomes bearish for a fall towards 0.9150. Our preference would be for an upside break of 0.9250.

Holding
USD 10K Long at 0.9256, SL 0.9188, TP 0.9342
 

 GBP-USD @ 1.5464/67...1.5450 needs to be broken for further downside 
R: 1.5500-15 / 1.5560 / 1.5600
S: 1.5450 / 1.5400 /

Cable did bounce to 1.5500 but then it has taken resistance and has slipped lower again. If a further fall towards 1.5400-5350 is to be seen then a firm break of 1.5450 is needed. At the same time short covering also cannot be ruled out. If a rise past 1.5500 is seen on short covering a further rise towards 1.5560-1.5600 is also possible. The bias would still be for a down side break of 1.5450 for a move towards lower levels.

Holding:
GBP 10K Short at 1.5445, SL 1.5525, TP 1.5320


 
 AUD-USD @ 1.0338/41...Can rise to 1.0375-80 now
R: 1.0375-80 / 1.0430
S: 1.0335-30 /1.0310-00 / 1.0230

Aussie has broken its resistance of 1.0330 on the four hour charts. We were expecting this to hold. Now it can move further towards 1.0375-80-430 levels. We would prefer being out of the pair currently. We will wait for this current move to unfold and then think of taking a trade.

Happy Trading!
 

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