Trading Ideas on GBP/USD, AUD/USD and USD/CHF
USD-CHF @ 0.9158/61...Buy dips
R: 0.9180-9200 / 0.9250 / 0.9350 S: 0.9130 / 0.9070 / 0.9025-00
Dollar-Swiss is trading in a sideways between 0.9140-80. Our view remains the same. The overall outlook remains bullish and a strong break above 0.9200 can trigger further rise to 0.9300-400 going forward. However, we might expect it to continue to trade below 0.9200 until the US NFP data release which is due in some time. On the downside, 0.9000 will be an important Support level to be watched below 0.9100. We will be looking to go Long on dips to 0.9000 if seen.
Limit Buy Order: Buy USD 10K at 0.9025, SL 0.8935, TP Open Buy USD 10K at 0.8975, SL 0.8915, TP Open
GBP-USD @ 1.5685/88...Stay away
R: 1.5700 / 1.5750 / 1.5780-800 S: 1.5650 / 1.5600 / 1.5550
Cable is trading flat in a narrow range of 1.5660-5710. With no significant move seen on either side during the day and with yesterday's candle reflecting indecisiveness in the market, the immediate outlook continues to remain mixed. We continue to stay out of the market and just watch how the pair closes for the week today.
AUD-USD @ 1.0258/61...Buy dips if seen
R: 1.0300 / 1.0350 / 1.0400 S: 1.0200 / 1.0150 / 1.0100
Aussie is continuing to trade above 1.0200 and is trying to gain upside momentum. Support at 1.0200 and Resistance at 1.0300 are the important levels to be watched. The bigger picture is bullish with good Support at 1.0150 and then near 1.0100. Any sharp dip towards this Support levels if seen can be considered for taking Long position. On the upside a break above 1.0300 can see 1.0350-0400 and a further rise above 1.0400 would open doors for a test of 1.0600.
Limit Buy Order: Buy AUD 10K at 1.0150, SL 1.0060, TP 1.0380 Buy AUD 10K at 1.0100, SL 1.0010, TP 1.0500