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 @ 1.2087/92....Trend firmly bearish
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R: 1.2150 / 1.2180
S: 1.2074 / 1.2050 / 1.2000
$-Swiss had a very sharp fall during the day to hit a low of 1.2074. The
pair has now fallen almost 340 pips so far in the week. The pace may not be as fast and furious as it has been so far this week, yet, the market can grind lower towards 1.19. NOTE that the EUR-CHF may find a trend support near 1.5805 on a line joining the Lows of 1.5739 (31-Aug) and 1.5755 (25-Sep). As such, the fall in $-Swiss hereafter could be slower than the expected rise in Euro-Dollar. But, the trend in $-Swiss is now bearish (the earlier mentioned trend Support at 1.2166 has been broken) and trying to go against the trend is to be strictly avoided. We had entered a Long at 1.2175 during the day, which was stopped out at 1.2115.

 
 Cable @ 1.9331/36....Target 1.9550
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R: 1.9350 / 1.9385
S: 1.9300 / 1.9250 / 1.9227
The Cable has had a sharp rally during the day and has reached its highest level in 23-Months. The pair last traded at these levels in Dec-2004. The pair has gained 410 pips so far in the week. It could now test the Dec-04 High of 1.9550 in a couple of weeks.

Now for today, on the downside, the Support is expected at 1.9300 and then at 1.9250. The statistically projected Max Low for the day is at 1.9227. On the upside the Resistances are coming in at 1.9385. The pair is bullish biased and we are holding long

Holding:
GBP 15K Long at 1.9290, SL 1.9200, TP 1.9500

 
 Aussie @ 0.7783/87...Bullish v/s Dollar, bearish v/s Euro
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R: 0.7795 / 0.7820
S: 0.7750 / 0.7732
There has been a big fall in the US Dollar against all the Majors, however it has not lost that much against the Aussie as it has against the Euro. The Aussie has been under pressure in the last few days and has, in fact, fallen against the Euro, Pound and the Swiss Franc. It would be better to trade for a fall in the US Dollar elsewhere but not against the Aussie currently.

Intraday now the Resistance for the Aussie is coming in at 0.7795, which
has been the high for 2006. Above that there may be a rally towards 0.7820. Note that the pair is trading near its statistically projected Max High or the day, which is at 0.7779. On the downside the Supports are coming in at 0.7750 and then at 0.7732. The bias for the pair is bullish.


Happy Trading!