Trading Ideas on GBP/USD, AUD/USD and USD/CHF 9/14

The pair for most part of the day was trading above its support of 0.9315-00 but eventually gave way to break the support moving lower. If the pair manages to close below 0.9300 on a weekly basis then it will give bearish signal in the medium term and can move even lower, the momentum on the down side has been good and the pair has moved swiftly. The short term charts do look oversold and short covering rally to 0.9300 cannot be ruled out. The next support on the pair comes in at 0.9120 which is a trend line support on the monthly charts, so the down side is open if the pair confirms the break of 0.9300.

The pair looks strong and continues its up move above 1.6200 targeting 1.6300, if the pair manages to close above 1.6200 it would be a strong weekly closing. It continues to be in a strong uptrend since Aug end and has not given any significant dip in the recent rally. Post the FOMC the pair has risen even strongly. It now has good supports on the down side at 1.6160 and 1.6080 which should cap the down side for the pair.