USD-CHF @ 1.0631/34...Currently inside the ‘Range’
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R: 1.0645-52 / 1.0710-26 / 1.0810
S: 1.0596-85 / 1.0521 / 1.0487-75
The pair traded narrowly today making a High of 1.0634 and a low of 1.0586. The pair has not been able to break the floor of the ‘Range’ strongly. However as pointed out, the journey is obstructed by several Support-turned-Resistance levels at 1.0645-52, 1.0710-26 and 1.0810. If the Range breaks down, a sharp move towards 1.0521 and 1.0487 is possible. To reiterate, the ‘Range’ for USD-CHF is between a Low of 1.0585 (recently extended till 1.0562) and a High of 1.1022 in which it has traded for the past 10 weeks.


GBP-USD @ 1.7006/09...Bullish
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R: 1.7112 / 1.7273 / 1.7519
S: 1.6943-36 / 1.6849 / 1.6785
After trading in a narrow range since the US session yesterday, Cable has risen sharply following the better than expected UK economic data and is now trading above 1.7000. If the current upside momentum continues we may see a rise towards 1.7100-20 in the US session. Note that the projected Max-High for the day is 1.7112. The pair is looking bullish and we may see a rise towards 1.7300 in the coming days/weeks.

On the other hand if the pair once again breaks below 1.7000 and continues to trade lower we may see a downmove towards 1.6900. It is to be noted that the pair has not seen a strong break below 1.6900 for some time. A strong break below 1.6900, which is not looking likely now, may pull the pair down towards 1.6800.


AUD-USD @ 0.8417/23..Strong Resistance at 0.8500
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R: 0.8456 / 0.8491-0.8500 / 0.8553
S: 0.8380 / 0.8330 / 0.8302
Aussie has traded sideways between 0.8393 and 0.8437 in the Asian session. The pair is headed towards 0.8456 which is an intermediate roof while Resistance at 0.8491-0.8500 (which is the 61.8% retracement of the huge downfall from a High of 0.9848 on 13/07/08 to a Low-cum-Support at 0.6327 on 05/10/08) is from where we expect a major correction downwards before any further rally. The oscillators are also showing that Aussie is overbought. In case of a correction, Supports from 0.8330 and 0.8302 offer a good target.

Limit Buy Order:
Buy AUD 10K at 0.8404, SL 0.8320, TP 0.8484
 

Happy Trading!