Technical Analysis 31 Dec 2012
USD-CHF @ 0.9145/48...Ranged
R: 0.9180-200 / 0.9260 /
S: 0.9090 / 0.9000
Dollar-Swiss traded in the 0.9180-0.9080 range for the whole week, though the expectation was that it will rise further. In the coming weeks there is still a possibility of it rising towards 0.9260 if it breaks the 0.9080-180 range on the upside. Having said that the bigger trend remains bearish and we expect it to eventually move lower towards 0.9000. It has bounced back from the support on the monthly charts at 0.9090 which needs to be broken for a dip lower. We will have to wait and watch to see which side the range breaks. But if a rise to 0.9260 is seen it would be a selling opportunity with tight stop.
GBP-USD @ 1.6152/55...Relatively strong can rise while above 1.6100
R: 1.6160 / 1.6200-15 / 1.6245 /1.6300
S: 1.6100-80 / 1.6015-00 /
Cable traded in the tight 1.6200-6070 range for the week, it was looking like a dip to 1.6000 will be seen but it found good support near 1.6100 levels on daily closing basis and managed to close above it on every test of the support. The longer term out look on cable is bullish and a strong rise towards 1.6300-400 can be seen. In the coming week we can see Cable breaking its 1.6200 resistance and move up towards 1.6300 and then towards 1.6400 later. On the down side 1.6100-6080 continues to give good support to the pair. A dip to 1.6000 can only be seen if this immediate support is broken and such dips can be considered for taking Long positions.
AUD-USD @ 1.0383/86...Weak
R: 1.0400 / 1.0435 / 1.0465
S: 1.0345-40 / 1.0280 / 1.0150
Aussie through the week traded in the tight 1.0400-345 range after it turned down from its highs early December. The expectations are that bearish in the medium term as we are looking for a dip and a fall towards 1.0280 and then to 1.0150 in the coming days. Now there is a possibility of a bounce to 1.0435-60 before this dip take place. Now whether we see a dip or a bounce will depend up which side the range breaks. The weekly candle is weak and I would be slightly in favor of it breaking on the down side from here it self.
USD-CHF @ 0.9145/48...Ranged
R: 0.9180-200 / 0.9260 /
S: 0.9090 / 0.9000
Dollar-Swiss traded in the 0.9180-0.9080 range for the whole week, though the expectation was that it will rise further. In the coming weeks there is still a possibility of it rising towards 0.9260 if it breaks the 0.9080-180 range on the upside. Having said that the bigger trend remains bearish and we expect it to eventually move lower towards 0.9000. It has bounced back from the support on the monthly charts at 0.9090 which needs to be broken for a dip lower. We will have to wait and watch to see which side the range breaks. But if a rise to 0.9260 is seen it would be a selling opportunity with tight stop.
GBP-USD @ 1.6152/55...Relatively strong can rise while above 1.6100
R: 1.6160 / 1.6200-15 / 1.6245 /1.6300
S: 1.6100-80 / 1.6015-00 /
Cable traded in the tight 1.6200-6070 range for the week, it was looking like a dip to 1.6000 will be seen but it found good support near 1.6100 levels on daily closing basis and managed to close above it on every test of the support. The longer term out look on cable is bullish and a strong rise towards 1.6300-400 can be seen. In the coming week we can see Cable breaking its 1.6200 resistance and move up towards 1.6300 and then towards 1.6400 later. On the down side 1.6100-6080 continues to give good support to the pair. A dip to 1.6000 can only be seen if this immediate support is broken and such dips can be considered for taking Long positions.
AUD-USD @ 1.0383/86...Weak
R: 1.0400 / 1.0435 / 1.0465
S: 1.0345-40 / 1.0280 / 1.0150
Aussie through the week traded in the tight 1.0400-345 range after it turned down from its highs early December. The expectations are that bearish in the medium term as we are looking for a dip and a fall towards 1.0280 and then to 1.0150 in the coming days. Now there is a possibility of a bounce to 1.0435-60 before this dip take place. Now whether we see a dip or a bounce will depend up which side the range breaks. The weekly candle is weak and I would be slightly in favor of it breaking on the down side from here it self.