Trading ideas on AUD/USD, GBP/USD and USD/CHF 01/29
January 30, 2013 1:39 AM EST
|USD-CHF @ 0.9238/41...Mixed|
R: 0.9300-20 / 0.9390-400 / 0.9460
Dollar-Swiss has traded slightly on the weaker side today as it has slipped a bit through the day. The forecast remains the same and we would be looking of the pair holds on to its 0.9240-20 support or not. A break below the mentioned support will put pressure on it for a dip towards 0.9180-0.9080 levels in the coming sessions. While a strong rise above 0.9300 will give it make it stronger for a rise towards 0.9400-60. The forecast currently remains mixed and we will have to wait to see a firm move in either direction
|GBP-USD @ 1.5737/40...Short Covering but still weak|
R: 1.5750 / 1.5800 - 25 / 1.5880 / 1.5950
Cable traded sideways for the whole day just above 1.5700 levels and currently seems to be bouncing back on short covering. It does have resistance on the four hour charts near 1.5750 levels which if broken then a further rise towards 1.5800-25 might be seen. The bigger trend though remains bearish and we would wait for this current short covering to loose steam for taking fresh shorts. On the down side it has good support near 1.5700 which if broken then next support is seen at 1.5650. But currently the focus has shifted to the short covering and it is very though to say which this will halt to turn down again. Level to be watched is 1.5750-60 which will be crucial in deciding where the piar turns down from.
Limit Sell Order
|AUD-USD @ 1.0446/49...Likely to rise inside the range|
R: 1.0480-500 / 1.0580-620
The pair continues to trade in the 1.0620-350 range in the medium term. Currently having bounced from the lower end it is likely to move towards to the upper end of range in the near term. We would be biased for an upward move in the near term towards 1.0600-20 levels. On the down side if the 1.0400 support is broken then a further fall towards 1.0380-50 and further towards 1.0280 can be seen. We are biased for a rise from current levels as we expect the pair to hold on to its support of 1.0400-380.
Limit Buy Order
This report has been prepared by Kshitij Consultancy Service. For more, go to Kshitij Consultancy Service
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