Vikram Murarka
Kshitij Consultancy Services
USD-CHF @ 0.9291/94...Positive
R: 0.9330 / 0.9400 / 0.9460
S: 0.9300-270 / 0.9180
Dollar-Swiss has dipped below 0.9300 as it has weakened through the day and is nearing its 0.9270 trend line support on the daily charts. As mentioned the expectations are for a further rise towards 0.9400 and further towards 0.9520 in the coming days//weeks. On the down side we expect this dip to take support near 0.9270 and to bounce back from there. The overall medium term trend seems to have reversed and a further rise is more likely for the pair while above 0.9250.
GBP-USD @ 1.5864/67...Weak
R: 1.5900-35 / 1.6000 / 1.6080
S: 1.5830 / 1.5740-25 /
Cable dipped in the intra day to find support at 1.5800 and has bounced back but we thing that it is still weak as the bigger trend seems to have turned bearish. We are likely to see the pair drifting lower towards 1.5735 and 1.5660 in the coming days. Any bounce if seen from current levels is expected to face resistance near 1.5900-65 levels where it is likely to find sellers and to drift lower again. Hence the trend for the near/medium term remains bearish for a further fall towards 1.5735-5660 and shorts can be taken on a bounce to 1.5900-600 with a tight stop.
AUD-USD @ 1.0568/71...Ranged/Mixed
R: 1.0600-20 / 1.0750 / 1.0840
S: 1.0500 / 1.0440-00 / 1.0340
Aussie continues to trade in the 1.0600-500 range as it has bounced today from the lower end of the 1.0600-500 range and looks likely to rise towards the upper end of the range. Today’s rise has been a strong rise but the range still holds and a strong move will only be seen on a decisive break of 1.0600-20 which is its very crucial resistance. The longer term though looks good the chances of a dip to 1.0400-350 cannot be ruled (though slim) out if 1.0500 gets broken. We are looking to trade the range if we get an opportunity to get long near the lower end of the range near 1.0500.
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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