Kshitij Consultancy Service

USD-CHF @ 1.0379/84.... Breakout possible
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R: 1.0400 / 1.0475 / 1.0502
S: 1.0350 / 1.0300 / 1.0220 / 1.0193-88
The pair is trading in a tight range for the day. With Resistance at 1.04 and Support at 1.03 it is difficult to anticipate the direction of the breakout. It has tested 1.04 twice over in the day, however, is unable to break past it. The bias still remains bullish as long as the pair trades above 1.0350 and could target 1.0502, the Max High for the day.

A break below 1.0350, the immediate Support could lead to a test of 1.03 in the day. A break below it is not likely today. However, a slide below 1.03 would target 1.02 over the next few days.

We would like to enter the market only on a break of either 1.04 or 1.03.


GBP-USD @ 1.9716/19 ... Range continues
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R: 1.9800 / 1.9845-55 / 1.9939
S: 1.9700 / 1.9650 / 1.9600
A huge fall has been witnessed in Cable in the day so far. A 200 pip slide has brought the Cable to the important Support of 1.9720, also the Max low for the day. For the day, a slight bounce from here towards 1.98 could be on the cards. However, a test of Range Support at 1.9650-1.9600 is still highly likely over tomorrow and day after as the range still holds and direction is now bearish for a few days.

On the upside, Resistance is expected beyond 1.9800 at 1.9855. Nothing beyond is currently plausible. We might look to either sell on a rally or buy on a further fall.


AUD-USD @ 0.9304/07... Buy some
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R: 0.9357-69 / 0.9390 / 0.9428
S: 0.9300-9290 / 0.9284-74 / 0.9259
The Aussie has dropped to 0.9300 during the day, but the Support is seen to be holding for the while. There is stronger Support available at 0.9250 as well. While these hold, there could be chances of a rise towards 0.9450. HOWEVER, in case the Support at 0.9250 breaks, a fall towards 0.9070 could follow. For today, the projected Max Low for the day being 0.9284, we do not anticipate much further downside.

Market Trade (at time of writing):
Buy AUD at current level, SL 0.9232, TP 0.9402


Happy Trading!