EURO, JAP YEN and EURO-YEN
---------------------------
Read our current comments and trade recommendations on EUR-USD, USD-JPY and EUR-JPY by registering at http://www.kshitij.com/fxthoughts/fxthoughts.shtml#register

Our comments on Dollar-Swiss, Sterling Pound and Australian Dollar are given below
---------------------


 
$-Swiss @ 1.2079/84....Corrective upmove happening?
----------------------------------------------------
R: 1.2093 / 1.2112 / 1.2140
S: 1.2050 / 1.2018-11 / 1.1990
$-Swiss has rallied sharply today since hitting a low of 1.2011 earlier in the morning. We had hoped for the market to turn down from the 1.2050-70 region, but that has not happened. There is important Resistance at 1.2093, the statistically projected Max High for the day.

If that is crossed, there may be a further rally towards 1.2112, which has been the high for the pair so far in the week. In case of a Day Close near 1.2110, the corrective upmove could extend towards 1.2140-60. On the downside the Supports are coming in at 1.2050 and then at 1.2018-11 (weekly low so far). The statistically projected Max Low for the day is at 1.1990. We are holding a Short position.

Holding:
$25K Short at 1.2050, SL 1.2100 (down from 1.2110), TP 1.1966. As soon as the market trades 1.2065, bring SL down to 1.2090

 
 Cable @ 1.9496/9501....Sell on a fresh rally
-----------------------------------------
R: 1.9520 / 1.9547-52 / 1.9581
S: 1.9470 / 1.9440 / 1.9426
The Cable rallied during the day to hit a high of 1.9547, just below its Dec-04 High of 1.9552. It has subsequently fallen from there as profit taking seems to be setting in. While the Resistance at 1.9552 holds, the market could be ripening for a corrective fall down towards 1.9370, going into tomorrow.

Intraday, the Supports are coming in at 1.9470 and then at 1.9440. The statistically projected Max Low for the day is at 1.9426. On he upside the Resistance is at 1.9520 and then at 1.9547-52. The statistically projected Max High for the day is at 1.9581. The bias for the day is positive.

Order:
Sell GBP 15K at 1.9540, SL 1.9595, TP 1.9390

 
 Aussie @ 0.7829/33....Watching
------------------------------
R: 0.7843-46 / 0.7865 / 0.7900
S: 0.7800 / 0.7780 / 0.7750
The Aussie has been stable during the day below the big Resistance of 0.7843 (high of Apr-05), which was tested earlier today. That Resistance would again be in focus in the NY session later on in the day. An break above that triggers a rally towards 0.7865, the statistically projected Max High for the day. There could be a rally towards 0.7991 over the remaining part of the year, IF there is a weekly close above 0.7843. On the downside the Supports are coming in at 0.7800, at 0.7780 and then at 0.7750. Note that the statistically projected Max Low on the daily is at 0.7797. The bias for the day continues to be cautious while below 0.7843.


Happy Trading!