Trading ideas on AUD/USD, GBP/USD and USD/CHF 01/31
February 1, 2013 2:12 AM EST
|USD-CHF @ 0.9112/15...Continues to hold the 0.9400-0.9080 range|
|R: 0.9135 / 0.9180 / 0.9270 / 0.9380
S: 0.9080-75 / 0.8950 /
Dollar-Swiss is holding well above its crucial 0.9100-0.9080 support region and the possibility of a bounce from current levels persists. We are slightly biased for this support to hold and hence we have also taken long positions in it. If 0.9100-0.9080 is held then we can see the 0.9080-400 range continuing for some more days. A break on the down side will push it lower towards 0.9000-0.8950.
|GBP-USD @ 1.5793/96...Likely to rise after it finds support near 1.5750 on the current dip|
|R: 1.5840 / 1.5880-900 /
S: 1.5800 / 1.5765-50 / 1.5680
Cable has continued to rise and currently seems to have taken some resistance near 1.5845 (23.6% Fibonacci on the daily charts of the current fall from 2nd November) which we had mentioned in the morning. An immediate dip towards 1.5750-00 cannot be ruled out but there are good chances that the bigger trend has reversed and a rise towards 1.6000 and 1.6050-100 can be seen. We would be looking to take long position on this current dip towards 1.5750.
Limit Buy Order
EUR-GBP @ 0.8585/88...Limit Sell Order
|AUD-USD @ 1.0415/18...Ranged|
|R: 1.0475 / 1.0500 / 1.0580|
S: 1.0385 / 1.0350 / 1.0290 / 1.0150
Aussie found some support near 1.0385 levels (200 EMA on the daily charts) and has bounced back. It has some resistance near 1.0450 levels which needs to be crossed so as to extend its gains further towards 1.0500 inside the 1.0600-385 range. On the other hand a failure to break the 1.0450 level and retest of 1.0385 might result in the support breaking and losses extending towards 1.0350 and even to 1.0150. the chances of either of them happening seem 50-50 currently.
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