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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 @ 1.2488/93…..Holding short
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R: 1.2522 / 1.2540
S: 1.2476 / 1.2440 / 1.2422
$-Swiss has traded in a very narrow range during the day with very little price action. For today on the downside the immediate Supports continue to come in at 1.2476 and then at 1.2440, which comes on the trendline on the daily line chart joining the lows of 1.1974 (12-May) and 1.2283 (4-Sep). If that is broken there could be further fall towards 1.2422, which is the statistically projected Max Low on the daily. On the upside the Resistances are coming in at 1.2522 and 1.2540. We are holding a short position and are willing to sell more.

Holding:
Short $25K at 1.2541, TSL 1.2530 (down from 1.2560), TP 1.2430.

Order:
Sell $25K at 1.2510, SL 1.2580, TP 1.2455


Cable @ 1.8994/99……Resistance at 1.9035
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R: 1.9035 / 1.9064
S: 1.8962 / 1.8941 / 1.8876-73
The Cable had a small rally to a high of 1.9018 during the day. It has given up some of those gains since then. On the upside 1.9035 continues to be a big Resistance as it comes on the trendline on the daily, joining the highs of 1.9147 (8-Aug) and 1.9077 (25-Sep). If that is crossed there may be a rally towards 1.9064 on the upside, which is the statistically projected Max High for the day.
On the downside the Supports are coming in at 1.8962 and then at 1.8932. We would like to stay on the sidelines currently and sell later on if the Resistance of 1.9035 holds.



Aussie @ 0.7677/81…….Resistance at 0.7727
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R: 0.7700 / 0.7727
S: 0.7664 / 0.7653
The Aussie rallied to a high of 0.7705 and had a sharp fall to a low of 0.7674 subsequently. This at the moment looks line a correction and the pair could move to test 0.7727 over today or tomorrow. This comes on the trendline on the weekly, joining the highs of 0.7989 (Mar-05) and 0.7795 (May-06).
On the downside the Supports are coming in at 0.7664 and then at 0.7653, which is the statistically projected Max Low for the day. If the Resistance at 0.7727 holds, there could be a fall towards 0.7630 sometime during the week, which comes on a trendline on the daily, joining the lows of 0.7415 (12-Oct) and 0.7560 (24-Oct).



Happy Trading!