FX Thoughts for the Day

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USD-CHF @ 1.0697/700...SNB Meeting today

R: 1.0737-54 / 1.0802 / 1.0830-51 S: 1.0677-50 / 1.0623 / 1.0549 The SNB Meeting has been delayed and is now scheduled today at 1300 GMT. Swiss has dipped below 1.0700 and may test the strong Support in the region of 1.0677-50, however, a break below this might increase the chances of a fall towards 1.0560-50. On the upside we see a Resistance near 1.0737-54 region, a break above this looks unlikely today save some surprises in SNB Meeting. Largely, it has been trading in the range of 1.0650-1.0890 for the last 3 weeks and we may see the pair move beyond this in the coming sessions post the Meeting scheduled today. Holding: USD 10K Long @ 1.0730, SL 1.0670, TP open Limit Buy: USD 10K Long @ 1.0560, SL 1.0480, TP open

GBP-USD @ 1.5044/47...Might test Resistance in 1.5100-30 region

R: 1.5100-30 / 1.5200-20 / 1.5280 S: 1.50 / 1.4967-58 / 1.4873-58 Cable has broken above 1.50. There are good chances of a further rise towards 1.51-52 in the coming days if it continues to trade above 1.50. Immediate Resistance is seen in 1.5100-30 region which might be tested in the US session today. With strong Resistance-turned-Support at 1.50, we don't expect an immediate sharp downmove and we expect 1.50 to hold for some time. However.a break below 1.50 might see 1.4950-00 in the coming sessions.

AUD-USD @ 0.9151/54...Resistance near 0.9200-0.9215

R: 0.9200-0.9215 / 0.9231-42 / 0.9294 S: 0.9121 / 0.9085-53 / 0.9028-0.8999 Aussie has slightly moved up in the European Session today and may test the Resistance near 0.9200-15 region in the US Session today. The unexpectd drop in the Australian Labour Force data released this morning came as a small jolt to the pair which recovered during the following sessions. On the downside an immediate Support is seen at 0.9021 which is expected to be honoured in the US Session today. Essentially, we expect the movement within a range of 0.9121-9215 in the coming sessions today. Nevertheless, in coming weeks, we see the pair equipped for a rally towards 0.9350. Holding Long: AUD 10K Long @ 0.9152, SL 0.9080, TP 0.9215 Happy Trading!

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