Trading ideas on AUD/USD, GBP/USD and USD/CHF 01/28

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January 29, 2013 2:13 AM EST

USD-CHF @ 0.9283/86...Likely to hold 0.9200

R: 0.9300 / .0.9390 / 0.9400 / 0.9460
S: 0.9220-00 / 0.9080 /
Dollar-Swiss traded weak as it dipped from 0.9350 levels towards 0.9200 where it found support on Friday. The view still remains bullish on the pair as it has bounced from its all important support of 0.9080 on the monthly charts. Also it has held its 0.9220-00 support on the daily which makes the outlook positive for the week. We expect it to see a bounce from current levels to see a further rise towards 0.9400-60 levels in the coming days. But this would be valid only if 0.9200 is held. In case 0.9200 is broken then the picture chances for it to dip towards 0.9080 support on the monthly charts. So in the coming days we need to see if 0.9200 is being held or not, we can buy near a dip to 0.9200 with a tight stop in anticipation of 0.9200 holding.
Limit Buy Order
Buy USD 10K at 0.9210, SL 0.9145, TP 0.9350

GBP-USD @ 1.5724/27...Bearish

R: 1.5850 / 1.5900 / 1.5950-90
S: 1.5750-15 / 1.5680 / 1.5630
Cable continued to remain weak as it lost quite a lot of ground through the week. The break of 1.5800 also has been seen and a close below this for the week is also seen as further bearish sign. We expect Cable to weaken further towards 1.5750 and 1.5680-30 in the coming days/weeks. Any rise is likely to face sellers near 1.5850 which should seal the upside and should be used to sell the pair short. ADX has rise and continues to look good for a further rise which suggests a further continuation of the bearishness/negativity that we have seen in the coming days. The chances of a small rise are their but it is difficult to see a rise above 1.5850, if at all seen then it becomes a sell near 1.5900.
Holding
GBP 10K Short at 1.5786, SL 1.5865(Down from 1.5885), TP 1.5660Limit Sell Order
Sell GBP 10K at 1.5835, SL 1.5890, TP 1.5725

AUD-USD @ 1.0410/13...Mixed

R: 1.0500 / 1.0620-50 / 1.0750
S: 1.0420-00 / 1.0350 / 1.0250
Aussie traded in the 1.0600-500 range for quite some time before breaking below 1.0500 and sliding to lower levels towards 1.0400. It currently is near its crucial support of 1.0420 on the weekly charts, it needs to be seen if this support holds or breaks which will decide if the pair drift lower towards 1.0350. It is looking mixed and it is tough to stay if 1.0350 will be held or dip to 1.0150 will be seen or not. Having said that the longer term continues to look bullish and a firm break above 1.0620 will be bullish for a rise towards 1.0750-850 levels. On the other hand if 1.0350 is broken then a further dip to 1.0150 is likely to be seen. We wil have to wait and see.Happy Trading!

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This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service

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