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[kshitij]

Euro @ 1.2078/81....Range trade continues
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R: 1.2148-63 / 1.2191
S: 1.2073 / 1.2050
Still sideways. Range for today 1.2050-2148.

$-Yen @ 115.25/9....Holding Long
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R: 115.43-9 / 115.70-87
S: 115.16-01 / 114.75
Currently Supported at 115.16 on the 4-hour chart. Hoping for a rally towards 115.60 while the Support holds. Good Resistance in the 115.70-87 region, don't expect it to break today. On the downside, a fall below 115.00 could trigger a decline towards 114.35

Holding:
$25K Long at 114.90, SL 114.90 (up from 114.80), TP 115.53 (down from 115.60).


Euro-Yen @ 139.21/6....Indecisive
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R: 139.42-56 /
S: 138.97-84 /
The Resistances at 139.56 and 139.70 have remained intact so far today. Support at 138.97-84 could be tested. If that ALSO breaks, the Cross could become bearish, targeting 138.48, maybe lower. While it remains above 138.97 right now, it should be ranged between 138.85-139.56. Bullish above 139.70. No trades right now.




$-Swiss @ 1.2860/5...Longer term view
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R: 1.2920 / 1.3010
S: 1.2670 / 1.2520
Since there is little change from the morning view, we look at a more medium term picture. It has fallen 4.61% from the Nov-05 High of 1.3288 to the 1.2675 Low on 06-Jan-06, a level last seen in Oct-05. The 200-day MA (now 1.2721) has been providing Support right through this month. The market has also been trading up-and-down along a long term trendline joining the 1.1483 Low (14-Mar-05) with the 1.2238 Low (05-Sep-05) on the Daily Candlestick chart.

The critical Support now comes now at 1.2670. In case that Support breaks it could trigger a fall towards1.2250. The strong resistances on the upside are present is 1.2914-28. The picture could turn bullish again on a rise beyond 1.2918.

In the interim, it could trade between 1.2670 and 1.2900. While below 1.30 the overall longer-term bias is bearish.


Cable @ 1.7560/5....Holding Short
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R: 1.7611-28 / 1.7646-53 / 1.7679
S: 1.7538 / 1.7517-04 / 1.7489
The pair has broken below an important support at 1.7587 during the day and is likely to test the range bottom at 1.7500 (of a wider range of 1.7500-1.7800 seen from the last few weeks). This also suggests that the Cable rally seen from 1.7186 (03-Jan-06 low) could be doubtful and may turn bearish to 1.7400 in case of a break below 1.7500 by tomorrow. If the Cable fails to fall below 1.7500 this week, there are chances of it rising back to 1.7675-7700 next week.

For today minor support are seen at 1.7538-22, which might provide for a bounce back, but resistances await at 1.7587 and 1.7630. This could keep the pair with a bearish bias for the rest of the day.

Holding:
GBP 15K short at 1.7570, SL 1.7630, TP 1.7520 (Up from 1.7510).




Aussie @ 0.7446/51....Increasingly bearish
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R: 0.7476-85 / 0.7501-11
S: 0.7450-32 / 0.7424-16
The Support at 0.7450-40 mentioned in the morning has provided a minor bounce back, but found sellers again at 0.7485. This suggests the pair could trade with a bearish bias today. The Aussie is already trading at its projected low on the Weekly chart. Further statistical Support is in the 0.7416-21 region. We anticipate a break below these levels over the next 1-3 days. If so, there would be chances of falling to 0.7375. The Aussie rally seen from 0.7238 (28-Dec-05 low) now appears to be reversing to bearish gradually, to target 0.7325 in a few days.

While above 0.7426, however, we have to factor in chances of intraday bounces to 0.7485 and 0.7511.

Holding:
AUD 30K short at 0.7490, SL 0.7480 (down from 0.7510), TP 0.7430 (up from 0.7370, to respect the Support at 0.7416-21).

Order:
Sell AUD 30K at 0.7404, SL 0.7435, TP 0.7360




Happy Trading!