USD-CHF @ 0.9297/300...0.9300-270 to be watched
R: 0.9330 / 0.9380 / 0.9460-80
S: 0.9270 / 0.9250 / 0.9180
Dollar-Swiss has taken resistance near 0.9330 and has dipped a below 0.9300. It is tough to say if the par has turned the corner to lower now. We will have to wait and see if the pair manages to climb above 0.9300 again or not. Depending on today’s closing candle it would be clearer if the pair is moving higher or will return to its 0.9300-100 trading range. On the down side it has some support near 0.9270 which if broken will make the pair further weaker for a fall. We have a short position in the pair and we would prefer to hold the position while we keep a close eye on 0.9300.
USD 10K Long at 0.9290, SL 0.9335, TP 0.9210
GBP-USD @ 1.6034/37...Has held 1.6000 and is likely to move up from here
R: 1.6100 / 1.6160-70 / 1.6200
S: 1.6000 / 1.5960-45
Cable dipped to 1.6000 where it found support and has bounced back and seems to have avoided the fall to 1.5945. We have the 1.6300-6000 range in which it is trading from December. There was a slight chance of it falling towards 1.5945 but it seems to have avoided that as the move from 1.6000 has been swift. On the upside it does have resistance near 1.6100 and 1.6160-70 which can be tested in the near term. We would now be looking to take long positions on any dip towards 1.6100 with a stop below 1.5950. The longer term picture in Cable also looks to be promising as it can see a rise towards 1.6300-400 in the coming weeks.
Limit Buy Order
Buy GBP 10K at 1.6017, SL 1.5945, TP 1.6140
AUD-USD @ 1.0554/57...Mixed/ Ranged
R: 1.0600-20 / 1.0650 / 1.0750
S: 1.0520 / 1.0400
Aussie continues to trade in the 1.0600-500 range in the near term with the outlook completely mixed. It is tough to say as to in which direction the range will break. The longer term forecast though look good and we can see significant upside if 1.0620-50 is broken. But in the near term if 1.0500 is broken the chances of it dipping to 1.0400 cannot be ruled out. It is advised to stay out of the markets till a clearer trend is seen.