USD-CHF @ 1.1657/61.... Range of 1.15-17 ----------------------------------------- R: 1.1700 / 1.1750 / 1.1800 S: 1.1600 / 1.1550 / 1.1500 / 1.1450 The pair has dipped in the day after the Resistance at 1.17 was tested only to find Support at 1.1569. Importantly the pair has risen sharply since then and currently trades near 1.1644.
The pair is bullish in the medium term and could rise towards 1.20 from here. However, immediately, the strong Resistance could take a while to break. Till then a range, once again, could develop between 1.1550-1.1700.
A break below 1.15 would raise a doubt over the bullish bias, which is currently very strong.
GBP-USD @ 1.6313/17... Sell rallies ------------------------------------------ R: 1.6400 / 1.6450-70 / 1.6550 / 1.6700 S: 1.6300 / 1.6260 / 1.6200 / 1.6050 Cable has stabilized during the day after it found some Support at 1.62. Since finding Support there the pair has risen towards 1.6400 only to find the Resistance there and has dipped back lower again. The weeks ahead expected to remain highly volatile and the pair could be pressured lower towards 1.60 as well.
There is a bigger Resistance at 1.6550, which provided Support as the 61.8% retracement level before the pair broke below it. A close above 1.6550 woud raise a doubt over the possibility of a further dip from here. Till then rallies could be sold into.
AUD-USD @ 0.6730/34.... Could slip towards 0.65 ------------------------------------------------ R: 0.6725 / 0.6800-50 / 0.6975 / 0.7075 S: 0.6600 / 0.6500 / 0.6465 The pair dipped towards 0.6625 before bouncing back towards 0.68 in the day. For now, it trades near 0.67 with a bearish bias and the pair could slip towards 0.65 in the US session.
The greenback has strengthened against most majors and the Aussie is no exception. Overall, the trend could have resumed after a brief corrective rally brought the pair towards 0.7250 from a low of 0.6330. A rally from here, if seen could see some selling pressure near 0.68.
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