Trading ideas on AUD/USD, GBP/USD and USD/CHF 12/06
December 7, 2012 3:08 AM EST
|USD-CHF @ 0.9266/69...Ranged|
R: 0.9300 / 0.9325 / 0.9410 / 0.9460
The pair continues to trade in the 0.9300-240 range. For the day it found support near the lower end of the trading range and bounced back. Dollar-Index (79.80) could not cross its 79.95 resistance and seems to be coming off; view remains bearish for a fall towards 79.45 in the coming sessions. Euro (1.3075) has also taken support near 1.3040 and risen back and can now move up further after it breaks 1.3080-85 resistance. Talking about Dollar-Swiss if closes below 0.9270 for the day then the chances of drifting lower towards 0.9200 will be more and we can even see 0.9200 being broken in the coming sessions. The bigger 0.9500-200 also remains in place
|GBP-USD @ 1.6105/08...Bullish|
R: 1.6160 / 1.6200
Cable dipped a bit in the afternoon but found support near 1.6080 and has bounced back. Out bullish view remains intact for a further rise towards 1.6160-200 in the coming sessions. Profit booking of the strong rally that we saw seems to have come to an end and the bullish trend is likely to continue. Daily and weekly charts continue to look strong and dips are expected to be bought aggressively near 1.6080-50. BOE meeting is scheduled today and the expectations are that it will keep its key interest rates unchanged at 0.50%. ADX on the daily charts also looks strong and the move in Cable can well be swift.
Limit Buy Order
|AUD-USD @ 1.0487/90...Looks to be breaking 1.0480-280 range on the upside|
R: 1.0480-510 / 1.056-70
The pair has risen well and currently trades above 1.0480 and if conforms the break by rising further above 1.0500 and giving a close above 1.0480, then 1.0480-280 range can well be considered as broken on the upside. In such a case a further rise towards 1.0560-70 is likely to be seen. Daily candle is looking strong but we would like to wait before it closes to avoid getting trapped on a false break.
This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service
Join the Conversation
© Copyright 2014 International Business Times AU. All Rights Reserved.