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[kshitij]

EURO, JAP YEN and EURO-YEN
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Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
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$-Swiss @ 1.2440/45....Could test 1.2380
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R: 1.2470 / 1.2488 / 1.2512
S: 1.2435 / 1.2412 / 1.2373
$-Swiss has not done anything significant during the day as it continues to consolidate near 1.2420-50 after the sharp fall last night. The important Resistance now is coming in at 1.2470 and then at 1.2488. The statistically projected Max High for the day is at 1.2512. On the downside the Support is at 1.2435 and then at 1.2412. The statistically projected Max Low for the day is at 1.2373, where the trendline on the daily joining the lows of 1.1922 (15-May) and 1.2183 (21-Aug) is also coming in.

The bias for the pair continues to be bearish in the near term and it could be sold on a rally to 1.2470 with Stop above 1.2490, targeting 1.2380 OR bought on a fall to 1.2380, with a Stop below 1.2350 for a possible upmove towards 1.2570.


Cable @ 1.9095/9100....Looking bullish again
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R: 1.9130 / 1.9147 / 1.9168
S: 1.9061 / 1.9043 / 1.9020
The Cable, which posted its highest monthly closing in 16 months (since Apr-05) yesterday, continues to move up today also. While above 1.9060, it could be headed towards 1.9147, where it had topped out on 8-Aug-06. Beyond that, there is Resistance at 1.9168, which is the statistically projected Max High for the day. The intraday bias has again turned bullish. We exited our Short at 1.9084, which was earlier entered at 1.9070.

BUT, in case of a fall below 1.9060, there would again be chances of seeing 1.9020 today.




Aussie @ 0.7750/54....Buy some
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R: 0.7757 / 0.7778 / 0.7795
S: 0.7727 / 0.7709
Decent Supports from 0.7730 down to 0.7700. Gold is trading firmer near 611. It is likely that the Aussie could rally towards 0.7795 (High 11-May) during the week. Intraday Resistances at 0.7778, (statistically projected Max High for the day) could act as a bit of dampner. If so, some profit-taking, back down towards 0.7700 cannot be ruled out.

Trade:
Buy AUD 20K at current level, SL 0.7720, TP 0.7780




Happy Trading!