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Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at
http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register
Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 0.9134/37...Stay out
R: 0.9170 / 0.9200-25 / 0.9300
S: 0.9100-0.9075 / 0.9050 / 0.9000
Dollar-Swiss remains lower and flat. Important to note is that pair failed to rise past the 100-DMA Resistance level (0.9158) during the which leaves it pressured on the downside. A further dip to 0.9100-9075-9050 is possible now. We will have to wait and see. On the upside, 0.9200-25 will be a significant Resistance region which needs to be broken to ease the downside pressure. Also remember, in a bigger picture, the pair needs to break above 0.9300-50 to wipe out the downside pressure. The immediate outlook still continues to be mixed and we see 50-50 chances of moving on either side from current levels. Having said this we continue to stay out of the market for a while.
GBP-USD @ 1.5782/85...Watch important Resistance in 1.5800-20 region
R: 1.5800-20
S: 1.5730-00 / 1.5650 / 1.5600
Cable has risen during the day as expected and is nearing its important 1.5800-20 Resistance region. This will be very significant to be watched, since on the weekly chart the upside now looks open for a test of 1.6000-50. A strong rise past 1.5820 would trigger this rise. We will have to wait and see.
We booked a profit of 20 pips from the Long position entered at 1.5735.
AUD-USD @ 1.0654/57...Bullish
R: 1.0680-700 / 1.0735-50
S: 1.0600-570 / 1.5325-00
Aussie has risen further and is keeping up the bullish view intact. Our view remains the same. A rise to 1.0735-50 looks likely now. As mentioned in our weekly view, the long term outlook is very bullish and a strong break/clsoe above 1.0750 can take the pair up toward 1.19-21 going forward.
Limit Buy Order:
Buy AUD 10K at 1.0575, SL 1.0475, TP 1.0735
Buy AUD 10K at 1.0535, SL 1.0460, TP Open
Happy Trading!
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