EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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USD-CHF @ 0.9096/99...21-DMA Resistance at 0.9114
R: 0.9114 / 0.9150-70
S: 0.9050 / 0.9020-00
Dollar-Swiss has risen further as expected. The 21-DMA (currently at 0.9114) will now be an important Resistance to be watched and a break above this Resistance can take it further up towards 0.9150-70. On the other hand if the 21-DMA Resistance holds, then a pull back to 0.9050-30 is possible in the US session today. We will have to wait and see.
Exit Trade (at the time of writing):
Exit (SL) at current level, the USD 10K Short entered at 0.9040
GBP-USD @ 1.5920/23...Ranged
R: 1.6000 / 1.6100
S: 1.5900 / 1.5800 / 1.5750
Cable is trading higher but ranged between 1.5900-6000 over the last couple of days. While above 1.5900, there is no immediate threat on the downside and we expect further rise to 1.6100 in the coming sessions. only a strong break below 1.5900 will bring in downside pressue for the pair and can pull it down to 1.5800-5750.
AUD-USD @ 1.0785/88...Bullish
R: 1.0800 / 1.0850 / 1.0930-50
S: 1.0732 / 1.0700
Aussie is not showing much downside momentum. Our view remains the same. The 21-DMA (currently at 1.0732) Support is holding well which is restricting Aussie from futher fall and is keeping up the broader bullish sentiment intact. While above 1.0700, the upside is open for an immediate test of 1.0930-50. A break below 1.0700, if seen can take the pair down to 1.0600.
Happy Trading!
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