USD-CHF @ 1.1599/602... ranged between 1.15-17 --------------------------------------------- R: 1.1650 / 1.1700-50 / 1.1825 S: 1.1500 / 1.1300 / 1.1300 / 1.1100 A shot at the Resistance at 1.17 has failed once again. The pair rose only to face Resistance at 1.1714 and a fall since then has found some Support at 1.16. The day ahead could see the pair slip further towards 1.1550-1500 if the Support at 1.16 breaks early in the US session.
The week ahead could see the pair trade within the range of 1.15-17. If however, the range breaks, on the upside within the next few days owing to the high volatility in the market, we could see the pair rising towards 1.20 over the week. A break of Support at 1.15 instead could trigger a collapse towards 1.12 over the week as well.
The trend is bullish, however, the only concern is Yen appreciation in the last few weeks has pressured the pair lower as well.
GBP-USD @ 1.5385/88... To remain volatile ------------------------------------------- R: 1.5835 / 1.6000 / 1.6200-6300 S: 1.5500 / 1.5400 / 1.5200 The Resistance at 1.58 held this morning to dip to a fresh low of 1.5270 this afternoon. If the pair is unable to rise above 1.55-56, it could now be headed towards 1.50 over the week, if not even lower.
The week ahead could see the pair trade with increased volatility as the economic data could lead to wild swings during the US session. The pair is in a clear downtrend. However, with speculation that the Fed may cut interest rates and a hint that the US GDP could decline, a contracting economy will only add insult to injury.
There is a chance of a bounce towards 1.55 and possibly even 1.58 with a series of US data expected to release lower than the market expectations.
AUD-USD @ 0.6054/58... Support at 0.6050-00 ------------------------------------------- R: 0.6200-50 / 0.6400 / 0.6500 S: 0.6050 / 0.6000-0.5973 / 0.5900 The pair faced some strong Resistance at 0.6250 early today and since then it has slipped to 0.6023 during the day.
A rise towards 0.6070 could be seen in the day, however, Resistance in the region looks strong and could pressure the pair lower once again later in the week towards 0.5800.
An unlikely rise during the week could see the pair rise towards 0.65. In an unlikely move the RBA intervened on Friday to keep a check on the falling currency. For now, keep an eye on the US economic data like FOMC meeting, US durable goods and the US GDP.
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