Trading ideas on AUD/USD, GBP/USD and USD/CHF 12/04
December 5, 2012 12:25 AM EST
|USD-CHF @ 0.9267/70...Bearish within the 0.9500-200 range|
R: 0.9300 / 0.9335 / 0.9410
The pair as expected held on to its support of 0.9240 and also gave an intra day bounce almost up to 0.9300 where it faced resistance to slide down again. Euro (1.3075) has resistance just above current levels at 1.3080 on the weekly charts which if broken immediately can then push Euro further up towards 1.3140-70. On the other hand if it takes resistance near 1.3080 it can correct a bit towards 1.3050 before rising further. Swiss on the bigger picture continues to trade in the 0.9500-200 range and the bias remains bearish inside the range for a fall towards 0.9200. The chances of 0.9200 breaking also remains and a further down side towards 0.9170-00 in the coming sessions. Any rise from current levels is expected to face resistance near 0.9300-30 levels and will be short lived.
|GBP-USD @ 1.6121/24...Bullish|
R: 1.6160 / 1.6210
Cable has risen further and looks strong targeting 1.6160-200 in the coming sessions. Daily and the weekly charts both have turned bullish and look strong. Any dip from current levels is likely to get support near 1.6080-50 levels. ADX has risen well and looks strong for a swift rise further. The short term charts are also looking bullish for a further rise.