|USD-CHF @ 0.9291/94...Can dip further if 0.9290 is broken|
|R: 0.9300 / 0.9350 / 0.9380
S: 0.9275 / 0.9240 / 0.9120
The pair is currently trading in a triangle on the daily charts and is in its fifth wave of it and is expected to break down, we did not see any bounce from 0.9300 which indicates the extent of weakness that it has, 0.9290 is where the lower trend line of the triangle is coming right now. Momentum seems to be picking up and the Euro also looks strong both of which suggest that the downside for Swiss will be swift, if Euro move up above 1.3020 with strength we can see Swiss giving a conform break of the triangle below 0.9290. So the immediate term move looks to be negative but a bounce from current levels if comes can move up towards 0.9350 and 0.9380 (unlikely) which are significant resistances for the pair.
|GBP-USD @ 1.6092/95...Can slide after 1.6080 breaks|
|R: 1.6110 / 1.6160
S: 1.6080 / 1.6000 / 1.5910
The pair continued to rise and faced resistance at 1.6110 which is its trend line on the daily charts and has since started to decline and currently at the 1.6080 Fibonacci support on the daily charts. There is good chance that the pair will continue drifting lower on the break of 1.6080. The bigger picture which is also bearish supports this fact and the down side can then extend towards 1.6000 and 1.5910. If 1.6080 is held and a bounce is seen which is unlikely as of now, it can then go further to 1.6110 and 1.6160. So the bias is negative for the coming sessions with down side open for 1.6000 and 1.5910.
Limit Sell Order
|AUD-USD @ 1.0279/82...A rise to 1.0325-70 looks likely|
|R: 1.0325 / 1.0370 / 1.0430
S: 1.0235-25 / 1.0190 / 1.0150
The pair as expected has been moving up after closing above 1.0234 and also sustaining above the same on Friday, it now further move up towards 1.0325 an 1.0370 which are its resistances on the short term charts. The bigger picture remains the same of the pair being ranged between 1.0600-100 but can see a rise to 1.0600 only on a strong rise above 1.0370 which will be a resistance level to watch out for. We will now wait for the move to 1.0370 get over before taking any positions in the pair.
This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service
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