Vikram Murarka
Kshitij Consultancy Services
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!
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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