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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 @ 1.2504/09.....Sell on further rally
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R: 1.2542 / 1.2563
S: 1.2500 / 1.2470 / 1.2446
$-Swiss rallied to a high of 1.2530 during the day and with that our TSL was hit at 1.2522 on the Short, which we were holding since 1.2541. The pair is currently consolidating near 1.2500-1.2530. Now if the Resistance at 1.2542 is crossed then there could be a rally towards 1.2563, which is the statistically projected Max High for the day. Note that the 200-MA on the 4-Hourly is at 1.2558. On the downside there is an important Support at 1.2500 and a break below that triggers a fall towards 1.2470. The pair is likely to be ranged between 1.2470 and 1.2560 with a bearish bias.

Order:
Sell $25K at 1.2552, SL 1.2605, TP 1.2430. As soon as the market trades 1.2520 after Entry, bring SL down to 1.2580.


Cable @ 1.8989/94....Buy now, Sell upmove
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R: 1.9000 / 1.9035 / 1.9074
S: 1.8961 / 1.8916
The Cable initially fell to a low of 1.8962 but then rallied to a high of 1.9023 and it has once again fallen from there. Thus, the trendline Resistance at 1.9035, joining the highs of 1.9147 (8-Aug) and 1.9077 (25-Sep) has held. In case this Resistance breaks, then there may be a rally towards 1.9074, the statistically projected Max High for the day. While immediate Support at 1.8961 holds, an upmove towards 1.0974 cannot be entirely ruled out. A break below 1.8961, however, could bring us to 1.8916, the statistically projected Max Low for the day.

Trade:
Buy GBP 15K at current level, SL 1.8950, TP 1.9030

Order:
Sell GBP 15K at 1.9070, SL 1.9120, TP open


Aussie @ 0.7689/93....Looking to sell
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R: 0.7700 / 0.7727
S: 0.7670 / 0.7647 / 0.7630
The Aussie fell to a low of 0.7674 during the day. This is the second time in two days that the Aussie has failed to go above 0.7700. This indicates a strong Resistance at 0.7700-20. A credible break thereof (chances are not too bright) could take the Aussie up towards 0.7795, the May-06 High.

On the downside the pair has an important Support at 0.7670, which if broken could lead to a fall towards 0.7630 in a day or two. Note that the statistically projected Max Low for today is at 0.7647. The pair is critically poised currently and we have been advising caution for the last two days.

NOTE that Gold has held below range resistance 610 (of range 570-610) and could dip back towards 585-580.

Order:
Sell AUD 30K at 0.7717, SL 0.7737, TP 0.7657




Happy Trading!