Trading ideas on AUD/USD, GBP/USD and USD/CHF 02/14
February 15, 2013 1:25 AM EST
|USD-CHF @ 0.9226/29...Targeting 0.9270 in the near term|
R: 0.9270-90 / 0.9390 /
Dollar-Swiss traded for a long time in the 0.9150-9220 range before finally breaking the range on the upside today. It now seems to be targeting 0.9270-90 in the near term while 0.9200-190 support holds. We are currently holding a long position in the pair and we would be exiting it before the mentioned resistance of 0.9270-90. If the pair does manage to cross 0.9270 then a further rise towards 0.9390 also cannot be ruled out, we will have to wait and watch for that though. On the down side as mentioned it does have good support at 0.9200-190 levels which is likely to hold the pair from giving any significant dip.
|GBP-USD @ 1.5513/16...Bearish but short covering cannot be ruled out|
R: 1.5575-600 / 1.5630 / 1.5680
Cable has traded sideways for whole day as the bigger view remains bearish after it has broken its important support at 1.5600 on the monthly charts. On the down side it can extend its losses further towards 1.5450-400 levels in the near/medium term, also further lower levels also cannot be ruled out. But having said that we need to keep in mind that it does look oversold in the near term on the short term charts and a short covering pull back towards 1.5575-5600 can be seen. The bigger trend has turned bearish and we should be looking for shorting opportunity on the rise.