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.

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.

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!

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these securities. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Forex involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.