Vikram Murarka
Kshitij Consultancy Services
USD-CHF @ 0.9241/44...Mixed
R: 0.9300-270 / 0.9350 / 0.9400 / 0.9460 /
S: 0.9200-/ 0.9180 / 0.9080
Dollar-Swiss contrary to our view has broken 0.9270-50 support and drifted lower towards 0.9200. It has good support in the 0.9220-00 region and we have to see if it holds or not. If a firm break below 0.9200 is seen then a further down side to 0.9080 can be seen. We need to watch this support; it is advised to avoid trading the pair till more clarity about the direction is seen. On the upside 0.9300 will act as a good resistance which needs to be watched. Overall forecast remains mixed
GBP-USD @ 1.5780/83...Bearish
R: 1.5825-50 / 1.5900 / 1.5960 / 1.6000
S: 1.5750-35 / 1.5675-50 /
Cable found resistance on the bounce to 1.5825-50 and has dipped back. The GDP numbers were disappointing at -0.30% QoQ against expected -0.10% which led to a sharp fall in the currency. The outlook continues to remain negative and expect it to slide further lower towards 1.5735 and 1.5670-60 in the coming sessions. Any rise is likely to face resistance near 1.5825-50 levels where it can be sold with a stop above 1.5880.
Limit Sell Order
Sell GBP 10K at 1.5835, SL 1.5890, TP 1.5725
Holding
GBP 10K Short at 1.5786, SL 1.5885 (Up From 1.5835), TP 1.5660 (Down From 1.5680)
As Soon as Market trades 1.5730 bring TSL down to 1.5775
AUD-USD @ 1.0442/45...Mixed
R: 1.0500 / 1.0570 / 1.0620
S: 1.0415-385 / 1.0350 / 1.0300
Aussie in the intra day did try to rise but faced resistance near 1.0475 from where it has dipped again. In the near term we are expecting it to dip further towards 1.0400. We will have to watch if this support is held by the pair to bounce back again towards its significant 1.0620 levels or not. A break of 1.0400 will push it lower towards 1.0350, on the upside 1.0475-500 is likely to be a good resistance. On a whole there are 50-40% chances of 1.0400 holding, we need to wait and watch.
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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