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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USD-CHF @ 1.2341/46...Bearish while below 1.2357
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R: 1.2357 / 1.2390 / 1.2408
S: 1.2320 / 1.2290 / 1.2266
As expected the USD-CHF has remained sideways during the day and it is expected to remain that way for the NY session as well as the US is closed. USD-CHF is under pressure and a decline towards 1.2110 could be seen over the next couple of weeks.
For today the Resistance is coming in at 1.2357, the 200-MA on the daily. If that is crossed (unexpected) then the rally could continue towards 1.2390. The statistically projected Max High for the day is at 1.2408. On the downside the Supports are coming in at 1.2320 and then at 1.2290. The statistically projected Max Low for the day is at 1.2266. The bias for the pair is bearish. Selling on a rally to 1.2380-90 with Stop above 1.2410 targeting 1.2200 sometime during the week could be considered. We are not placing any orders, though.

 
 GBP-USD @ 1.9445/50....Consider Long 120 pips lower
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R: 1.9500 / 1.9550
S: 1.9400 / 1.9350-40
Contrary to expectation the GBP-USD has had a sharp fall during the day, to hit a low of 1.9447. As in the previous week, the fall in the GBP has been led by a fall in its crosses against the EUR, JPY and the CHF.

It looks likely that the GBP-USD could decline towards 1.9400 later on during the day. If that is broken (unexpected) then there could be a further fall towards 1.9350. Note that there is a trendline Support at 1.9340, on the weekly candles joining the lows of 1.7254 (Apr-06) and 1.8522 (Oct-06), and this is unexpected to break during the week. On the upside the Resistances for the day would come in at 1.9500 and then at 1.9550. There are no immediate trades, but going Long near 1.9340, with Stop below 1.9270 may be considered. In fact, it’s a trade idea we’ll keep in mind .

 
 AUD-USD @ 0.7852/56....Holding Long
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R: 0.7865-70 / 0.7885-90
S: 0.7845-40 / 0.7829 / 0.7800
AUD-USD has been unable to move above its strong Resistance of 0.7885-90, on the trendline on the Daily Candles, joining the highs of 0.7982 (3-Jan) and 0.7941 (23-Jan) over the last few days and has declined during the day. Now the pair has good Supports nearby which could hold. These Supports are at 0.7845-40 and then at 0.7829, the statistically projected Max Low for the day. On the upside the immediate Resistance would come in at 0.7865-70. Above that the strong Resistance at 0.7887. The statistically projected Max High for the day is at 0.7921. We are holding a Long position in the pair.

Holding:
AUD 20K Long at 0.7860, SL 0.7820 (up from 0.7810), TP 0.7980 (may only be seen later on during the week)


Happy Trading!